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Schroder European Real Estate buys two German offices

16 February 2016 15:37

Schroder European Real Estate Investment Trust has exchanged contracts on the purchase of two office buildings in Germany's leading office markets Stuttgart and Hamburg, for euro28.9 million at a blended net initial yield of 6.0%.

The assets are fully income producing and multi-let to a combination of governmental and private sector tenants, with an average unexpired lease term of c. 8.5 years. Both properties have either been constructed or substantially refurbished in the last decade, are located in established office sub-markets and are well connected to public transport.

This is the company's third investment since listing on 9 December.

Non-executive chairman Sir Julian Berney said: "We are delighted to have committed to acquire these office assets located in key German cities. They add important scale, diversification and long income characteristics to the portfolio. Progress in committing the initial equity has been swift and we look forward to growing the portfolio in due course."

At 3:37pm: (LON:SERE) Schroder European Real Estate Investment Trust Plc Ord Gbp0.10 share price was -1.25p at 106.5p

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