Schroder Real Estate Retail Asset Management Update

 
TIDMSREI 
 
For release 26 February 2019 
 
                 Schroder Real Estate Investment Trust Limited 
                      ("SREIT"/ the "Company" / "Group") 
 
                        RETAIL ASSET MANAGEMENT UPDATE 
 
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, 
announces that it has completed two new lease agreements at Bedford and Milton 
Keynes which improve the portfolio's defensive qualities. 
 
St. John's Retail Park, Bedford 
 
A lease agreement has been exchanged with TJ Morris Limited (trading as Home 
Bargains) for a 14,500 sq ft store on a fifteen-year term at GBP190,000 per 
annum.  This space makes up the balance of the vacant former Homebase where an 
agreement has already been exchanged with Lidl to lease a 21,630 sq ft store on 
a fifteen-year term at GBP335,000 per annum. The lettings are subject to securing 
planning consent and SREIT delivering a refurbished unit with associated 
improvements to the car park and wider site at a cost of approximately GBP3.7 
million. 
 
Matalan, Milton Keynes 
 
An agreement has been exchanged with Matalan that extends its current lease by 
eight years until March 2029, at a new rent of GBP572,000 per annum.  As part of 
the transaction Carpetright, who currently sublet 8,500 sq ft from Matalan, 
will become a direct tenant paying GBP95,000 per annum on a lease until March 
2021.  The new lease to Matalan is conditional on improvement works to the 
roof, cladding and car park at a cost of approximately GBP1 million. 
 
These transactions are part of an active pipeline of retail asset management 
and realisations.  In addition to the previously announced realisation of a 
retail asset in Portsmouth for GBP1.6 million, contracts have been exchanged to 
sell a retail property in Yeovil for GBP300,000 which is in line with the 
independent valuation at 31 December 2018.  The Company will keep the market 
updated as further realisations are completed post asset management 
initiatives. 
 
                                    -ENDS- 
 
For further information: 
 
Schroder Real Estate Investment Management       020 7658 6000 
Limited: 
Duncan Owen / Nick Montgomery / Frank Sanderson 
 
Northern Trust:                                  01481 745529 
Sean Walsh / James Machon 
 
FTI Consulting:                                  020 3727 1000 
Dido Laurimore / Richard Gotla 
 
 
 
END 
 

(END) Dow Jones Newswires

February 26, 2019 02:00 ET (07:00 GMT)