Holding(s) in Company

Local Shopping REIT (The) PLC
04 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:

Landsdowne Partners Limited being the General Partner of Landsdowne Partners
Limited Partnership
Landsdowne UK Equity Fund Limited
Landsdowne Partners International Limited


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

Morstan Nominees Limited


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

1 May 2007


6. Date on which issuer notified:

3 May 2007


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

8%


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

GB00B1VS7G47                              7,500,000       7,500,000


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                      0          0      7,750,000    0.0%   8.02%

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

7,750,000                                    8.02%


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

Landsdowne Partners International Limited is the parent undertaking of
Landsdowne Partners Limited


Proxy Voting:

10. Name of the proxy holder:

Landsdowne Partners Limited


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:

 1. Landsdowne Partners Limited being the General Partner of Landsdowne Partners
    Limited Partnership ('LPLP') controls 7,750,000 voting rights representing
    8.02%
 2. Landsdowne UK Equity Fund Limited owns 7,383,857 voting rights representing
    7.64%

The balancing 0.38% of shares is held on behalf of other client funds managed by
LPLP.


14. Contact name:

Bill Heaney, Company Secretary

15. Contact telephone number:

020 7187 4444




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