Holding(s) in Company

Local Shopping REIT (The) PLC
03 May 2007


TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:

The Local Shopping REIT plc


2. Reason for the notification (place an X inside the appropriate bracket/s)

An acquisition or disposal of voting rights: (X)

An acquisition or disposal of financial instruments which may result in the
acquisition of shares already issued to which voting rights are attached: ( )

An event changing the breakdown of voting rights: ( )

Other (please specify) : ( )

.................


3. Full name of person(s) subject to the notification obligation:

Schroders plc


4. Full name of shareholder(s) (if different from 3.) :

.................


5. Date of the transaction (and date on which the threshold is crossed or
reached if different):

2 May 2007


6. Date on which issuer notified:

3 May 2007


7. Threshold(s) that is/are crossed or reached:

Above 5%


8. Notified details:

.................

A: Voting rights attached to shares

Class/type of shares if possible using     Situation previous to the Triggering
the ISIN CODE                                          transaction
                                          Number of       Number of voting
                                          shares          Rights

n/a                                       n/a             n/a
                                                          

Resulting situation after the triggering transaction

Class/type of shares if possible  Number of  Number of voting    % of voting
using the ISIN CODE               shares     rights              rights

                                  Direct     Direct Indirect     Direct Indirect

GB00B1VS7G47                      n/a        n/a     6,213,792   n/a      6.43%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of     Expiration Exercise/     Number of voting rights that may   % of
financial   Date       Conversion    be acquired if the instrument is   voting
instrument             Period/ Date  exercised/ converted.              rights

n/a

Total (A+B)
Number of voting rights                  % of voting rights

6,213,792                                6.43%



9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable:

Schroder Investment Management Limited 6,213,792 6.43%


Proxy Voting:

10. Name of the proxy holder:

n/a


11. Number of voting rights proxy holder will cease to hold:

n/a


12. Date on which proxy holder will cease to hold voting rights:

n/a


13. Additional information:

The shares referred to in section 9 are held in portfolios managed by those
firms on a discretionary basis for clients under investment management
agreements.


14. Contact name:

Bill Heaney, Company Secretary

15. Contact telephone number:

020 7187 4444




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