Disposal of High Street, Bromley

RNS Number : 6017K

Schroder Real Estate Inv Trst Ld

23 August 2012

 



Schroder Real Estate Investment Trust Limited

(the 'Company')

DISPOSAL OF HIGH STREET RETAIL INVESTMENT AT A PREMIUM TO VALUATION

Schroder Real Estate Investment Trust Limited announces that it has simultaneously exchanged and completed contracts to sell 100 High Street Bromley for £2.57 million.  The sale price achieved is £0.22 million or 9.4% above the independent valuation as at 30 June 2012 of £2.35 million. 

The disposal follows completion of a letting to Office Holdings Ltd, trading as Office Shoes, in June 2012.  Office Shoes lease expires in June 2022 and is subject to a rent free period expiring October 2013, when the rent increases from nil to £175,000 per annum. 

Commenting, Nick Montgomery of Schroder Property Investment Management Limited said:

"This disposal crystallises the valuation increase of 9.4% arising from the recent asset management and letting to Office Shoes.  As the property is non-income producing until October 2013 the disposal is consistent with the Company's strategy of selling lower yielding assets to strengthen its balance sheet in anticipation of the loan re-financing event in July 2014."

-ENDS-

For further information:

Schroder Property Investment Management Limited Duncan Owen / Nick Montgomery	020 7658 6000
FTI Consulting Dido Laurimore / Daniel O'Donnell	020 7831 3113

 

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