Acquisition

RNS Number : 8220U

Schroder Eur Real Est Inv Trust PLC

11 April 2016

 

11 April 2016

ACQUISITION - Completion of the purchase of two office investments located in Stuttgart and Hamburg, Germany

Further to the announcement made on 16 February 2016, the Board of Schroder European Real Estate Investment Trust Plc (the "Company") confirms completion of the purchase of two office investments located in Stuttgart and Hamburg (Germany) at a total price of €28.9 million reflecting a blended net initial yield of 6.0%.  The assets are fully let with an average unexpired lease term of over 8 years.  Both properties provide efficient and modern office accommodation, are located in established office sub-markets and are well connected to public transport.  

The Company now owns a portfolio of four assets acquired at a total purchase price of €90.7 million reflecting a blended net initial yield of 5.9% and a blended unexpired lease term of 7.5 years. The Company continues to pursue negotiations on a number of other potential transactions however no firm commitments have been made as at the date of this announcement.

Enquiries:

Duncan Owen/Tony Smedley

Schroder Real Estate Investment Management Limited                   Tel: [phone]

Ria Vavakis

Schroder Investment Management Limited                                        Tel: [phone]

 

END

 

 

ACQEADLFFEXKEFF