REG - Schroder Euro Real - Sale of Frankfurt grocery retail asset

Schroder European Real Estate Investment TrustAnnouncement

07/01/2025 07:00

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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: 020 7658 6000

Natalia de Sousa

Schroder Investment Management Limited
                       Tel: 020 7658 6000

Dido Laurimore/Richard Gotla/Ollie Parsons

FTI Consulting
 
 Tel: 020 3727 1000

 

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