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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Schroder European Real Estate Investment Trust Plc | LSE:SERE | London | Ordinary Share | GB00BY7R8K77 | ORD GBP0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 0.62% | 64.40 | 63.60 | 65.00 | 64.80 | 64.00 | 64.80 | 154,549 | 16:35:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Investment Trust | 19.67M | -9.38M | -0.0702 | -9.15 | 85.86M |
TIDMSERE
RNS Number : 0366S
Schroder Eur Real Est Inv Trust PLC
21 June 2018
21 June 2018
Acquisition of a French logistics asset
Schroder European Real Estate Investment Trust Plc (the "Company"), the company investing in European growth cities, is pleased to announce that it has exchanged contracts to purchase a freehold logistics property in Rumilly, southern-eastern France, for EUR8.6 million, reflecting a net initial yield of 7.0%.
The 16,700 sqm warehouse is fully let to a strong covenant, a subsidiary of the global food and drink manufacturer Nestlé, with an unexpired lease term of c. 7.5 years. In line with the Company's winning centres strategy, it is located in a region that is forecast to grow faster than the national average(1) and is leased off affordable / sustainable rents, in an area where there is limited supply.
Close to the A41/A43 autoroutes, Rumilly serves the major metropolitan areas of Lyon and Geneva, which have a combined population of over 2.5 million people living within a 90 minute drive.
Commenting on the acquisition, Thomas Guyot, Head of Real Estate Investment, France at Schroder REIM commented:
"This is a strong fit for the Company as we look to diversify our portfolio, providing us with exposure to the French logistics market which is currently experiencing strong occupational demand and rental growth. Located in an economically buoyant region of France, the warehouse benefits from its close proximity to the large conurbations of Lyon and Geneva. It is one of a number of investments that Schroder REIM is in exclusivity on, as it looks to deploy the proceeds due to be received from the sale of the two French Casino supermarkets, at the end of July."
The purchase is subject to a waiver of statutory pre-emption rights in the French market and is therefore expected to complete at the end of August 2018.
1. Source: Oxford Economics, March 2018
Enquiries:
Duncan Owen/Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Ria Vavakis
Schroder Investment Management Limited Tel: 020 7658 2371 Dido Laurimore/Richard Gotla/Ellie Sweeney Tel: 020 3727 1000
FTI Consulting
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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June 21, 2018 02:00 ET (06:00 GMT)
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