The Local Shopping REIT plc (LSE:LSR) has appointed INTERNOS Global Investors Limited to handle the sale of property portfolio. Steve Faber of INTERNOS has been appointed, subject to approval of LSR's shareholders, as Investment Manager to assist in the sale of LSR's existing portfolio of 641 properties with a value in the region of £175 million, as expeditiously as is consistent with the protection of value. The initial focus will be on those properties already optimized for sale and those in areas where LSR has few assets, so as to reduce property management costs.

LSR has confirmed the “orderly liquidation of assets” to repay debt and return of the remaining capital to shareholders. INTERNOS will be paid an asset management fee of 0.7% of gross asset value p.a., an annual performance fee comprising 20% of recurring operating profits for each financial year of LSR above an annually agreed hurdle, a sales fee payable on the disposal of assets, subject to a ratcheted scale and a terminal fee.