Disposal

RNS Number : 7195T

Schroder Real Estate Inv Trst Ld

17 December 2012

 



17 December 2012

Schroder Real Estate Investment Trust Limited

("SREIT" / "Company" / "Group")

SREIT COMPLETES DISPOSAL OF STAKE IN MINERVA HOUSE, LONDON SE1 FOR £30 MILLION REFLECTING A YIELD OF 5.37%

Following the announcement of 10 December confirming exchange of contracts, Schroder Real Estate Investment Trust Limited announces that it has completed the disposal of its 50% interest in Minerva House, London SE1, for £30 million.  The price reflects a net initial yield of 5.37% and compares to a value as at 30 September 2012 of £29.25 million, a premium to valuation of £0.75 million or 2.6%. 

Following completion the Company has cash of approximately £52.7 million and a net loan to value ratio, assuming the portfolio valuation as at 30 September 2012, of approximately 30%.

As highlighted previously, the Company intends to use proceeds to reduce debt and a further announcement will be made in this regard shortly.

- 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

 

END

 

 

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