12 June 2014
Schroder Real Estate Investment Trust Limited
(the 'Company')
ACQUISITION OF CITY TOWER, MANCHESTER
Following the announcement of 7 May 2014, the Company announces that it has completed the acquisition of a 25% interest in City Tower in Manchester for £33 million. The price reflects a headline initial yield of 7%. The Company has acquired the property alongside Schroder UK Property Fund and Immobilien Europa Direkt, both managed by Schroder Property Investment Management, for a total price of £132 million.
Following completion of the acquisition the Company will have total cash approximately £16 million and a net loan to value, based on the independent valuation as at 31 March 2014, of approximately 33.4%.
The Company is progressing further acquisition opportunities and continues to believe that there is potential to enhance future returns to shareholders through a further increase in the size of the Company.
For further information:
Schroder Property Investment Management Limited: |
020 7658 6000 |
Northern Trust: David Sauvarin |
01481 745529 |
FTI Consulting: Dido Laurimore / Nina Legge |
020 3727 1000 |