Schroder Eur Real Est Inv Trust PLC Sale of Frankfurt grocery retail asset

RNS Number : 3001S

Schroder Eur Real Est Inv Trust PLC

07 January 2025

 

7 January 2025

 

SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC

("SEREIT" or the "Company" and, together with its subsidiaries, the "Group")

 

Sale of Frankfurt grocery retail asset for €11.8 million following completion of asset management initiatives

 

Schroder European Real Estate Investment Trust Plc ("SEREIT" or the "Company"), the company investing in European growth cities, has announced the sale of a grocery anchored retail asset in Frankfurt, Germany, for €11.8 million, in line with the 30 September 2024 valuation.

 

The Company acquired the 4,525 sqm asset, in April 2016 for around €11 million. Management has recently completed various asset management initiatives, including securing longer-term leases with Lidl and Fresnapf, thereby helping to improve the long-term income profile of the asset.

 

The transaction is expected to complete on 31 March 2025, allowing the Company to retain all income until then.

 

Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, commented:

 

"This asset was acquired in April 2016 and has provided the Company with a stable income stream over the eight years of ownership. Following the completion of our asset management plan, and given the limited scope for future rental growth, we felt that now was the right time to sell and crystallise a profit for our shareholders. The sale demonstrates the current investor demand for assets in the grocery sector, and we expect to use the sale proceeds to enhance shareholder returns."

 

-Ends-

 

Enquiries:

Jeff O'Dwyer

Schroder Real Estate Investment Management Limited                              Tel: [phone]

Natalia de Sousa

Schroder Investment Management Limited                                                  Tel: [phone]

Dido Laurimore/Richard Gotla/Ollie Parsons

FTI Consulting                                                                                              Tel: [phone]

 

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