Internos Global Investors Limited announced that it has been appointed as Investment Manager of Local Shopping REIT plc (LSR).
The mandate, which is subject to approval of LSR’s shareholders, is to sell all LSR’s existing properties, as expeditiously as is consistent with the protection of value. The initial focus will be on those properties already optimised for sale and those in areas where LSR has few assets, so as to reduce property management costs.
Steve Faber, Head of UK Markets at Internos, has been appointed to the Board of LSR; he is designated investment manager to LSR. He has extensive experience of UK property including at Tesco Stores, Land Securities Trillium and, most recently, at RREEF where he was Head of UK Asset Management and responsible for £2 billion (approx. €2.31 billion) of property with experience in many towns and cities in the UK.
LSR’s portfolio comprises 641 properties, with over 2040 tenants and a value in the region of £175 million (approx. €202 million).
Source: Internos Global Investors