Thalassa ups stake in Local Shopping REIT

AIM-listed Thalassa Holdings has acquired a bigger stake in The Local Shopping REIT (LSR).

The company said it acquired just over 10.4m shares in LSR on Thursday, bringing its total holding to just under 12.9m shares or a 15.6% interest.

Founded in 2005 with the objective of building a portfolio of properties and letting units in the convenience shopping market, LSR’s reported net assets amounted to £35.3m at the end of March 2016.

LSR was floated on the London Stock Exchange in 2007.

Thalassa chairman Duncan Soukup said: “The board of Thalassa is pleased to announce the acquisition of a material holding in LSR at what the board consider a good entry point."

At 1026 BST, Thalassa shares were down 6.3% to 37.50p.