Announcement - close of offer

Local Shopping REIT (The) PLC
27 April 2007



This document is not a prospectus. Investors should not subscribe for any
transferable securities referred to in this announcement except on the basis of
information in the prospectus to be issued in due course.



     THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION
         IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN



27 April 2007


                  The Local Shopping REIT plc (the 'Company')


In connection with the placing and offer of up to 91,954,023 million Ordinary
Shares by the Company, the bookbuilding process in connection with the placing
closed at 3.00 p.m. on 26 April 2007 and the offer for subscription closed at
3.00 p.m. on 24 April 2007.


Pursuant to the placing the Company will issue 91,129,332 Ordinary Shares in the
capital of the Company and a further 824,691 Ordinary Shares pursuant to the
offer for subscription, comprising 91,954,023 Ordinary Shares in aggregate at a
price of 174p per Ordinary Share.  Additionally, the Company has 800,000
Ordinary Shares currently in issue which on Admission will be subject to a 5 for
1 share split (resulting in 4,000,000 shares being in issue).



Application has been made for 95,954,023 shares to be admitted to the Official
List of the UK Listing Authority and to trading on the London Stock Exchange.



The expected timetable of the launch of the Company is as follows:


Commencement of conditional dealings in Ordinary Shares*             8.00 a.m. on 27 April 2007

Admission of the Ordinary Shares to the Official List                2 May 2007

Unconditional Dealings in Ordinary Shares commence                   8.00 a.m. on 2 May 2007

Crediting of CREST stock accounts in respect of the Ordinary Shares  8.00 a.m. on 2 May 2007

Share certificates in respect of the Ordinary Shares despatched      week commencing 7 May


*All dealings in the Ordinary Shares prior to commencement of unconditional
dealings will be on a 'conditional basis', will be of no effect if Admission
does not take place and will be at the sole risk of the parties concerned.



The Company's shares will trade under the name 'LSR'.



For further information please contact:

The Local Shopping REIT plc                               [phone]
Mike Riley
Nick Gregory

JPMorgan Cazenove                                         [phone]
Robert Fowlds
Edward Gibson-Watt

Financial Dynamics                                        [phone]
Stephanie Highett
Dido Laurimore





Important information



The price and value of securities may go down as well as up.  Past performance
is not necessarily a guide to future performance and failure of any assumptions
and projections with respect to the Company to be accurate or correct may
adversely impact the value of the Company's securities.  Persons needing advice
should contact a professional adviser.  All statements in this announcement that
are not historical fact are forward looking statements, including, without
limitation, statements regarding the IPO, the expected proceeds from the IPO,
the intention to list on the London Stock Exchange, the target gross dividend
yield of the Company, the quality, composition, size, diversification and
performance of the portfolio, the Company's ability to generate above average
returns and its growth prospects and statements containing the words 'believes',
'estimates', 'anticipates', 'expects', 'intends', 'assumes', 'may', 'will', or '
should' or in each case, their negative or other variations or similar
expressions. Forward looking statements involve known and unknown risk,
uncertainties and other factors which may cause actual results to differ
materially from any future results, performance or achievements expressed or
implied by such forward looking statements.  Subject to any regulatory
obligation, the Company expressly disclaims any obligation to update or revised
forward-looking statements to reflect any change in expectations, new
information, subsequent events or otherwise.



This communication is made by JPMorgan Cazenove Limited.  JPMorgan Cazenove
Limited, which is authorised and regulated by the Financial Services Authority,
is acting for the Company only and will not be responsible to any other person
for providing the protections afforded to its clients or for advising such
person on the matters referred to in this announcement.



This document is an advertisement and does not constitute or form part of, and
should not be construed as, an offer to sell or issue, or a solicitation of any
offer to buy or subscribe for Shares, nor should it or any part of it form the
basis of, or be relied on in connection with, any contract or commitment
whatsoever. This document is not a prospectus. Investors should not subscribe
for or purchase any shares referred to in this announcement except on the basis
of information in the prospectus to be issued in due course by the Company in
connection with the admission of its Shares to listing and trading on the London
Stock Exchange. In the event of any discrepancy between this document and the
prospectus, the prospectus will prevail. It is not the purpose of this
announcement to provide, and you may not rely on this announcement as providing,
a complete and comprehensive analysis of the Company's financial or commercial
position or prospects.



This document does not constitute, and may not be used for the purposes of, an
offer or an invitation to subscribe for Shares by any person in any jurisdiction
in which (i) such offer or invitation is not authorised; or (ii) in which the
person making such offer or invitation is not qualified to do so; or (iii) to
any person to whom it is unlawful to make such offer or invitation.



The Prospectus is available at the offices of JPMorgan Cazenove at 20 Moorgate,
London, EC2R 6DA.




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