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Schroder European Real Estate buys German property

28 April 2016 14:45

Schroder European Real Estate Investment Trust has signed contracts for the purchase of a convenience retail property located in Germany - its fifth investment since listing on 9 December 2015.

The asset is a grocery supermarket anchored, multi-let convenience retail centre located in a growing inner urban region of Frankfurt am Main.

The asset was built in 2004 and modernised in 2015 and comprises 4,525 sqm of lettable area.

The investment is anchored by a 1,600 sqm Lidl supermarket with an initial lease term exceeding 10 years.

The combined weighted average unexpired lease term of all leases is approximately 8 years. The investment was acquired for EUR11.05 million, reflecting a net initial yield of 5.6%.

The acquisition is fully in line with the strategy of investing in defensive, income producing assets in major cities with the potential for long term growth. Non-executive chairman Sir Julian Berney said: "Acquiring good retail assets in prime German cities is challenging and competitive, hence being able to secure this long let investment within a growing urban area of Germany's financial capital is a credit to our local sourcing capabilities. This investment takes the company's committed capital deployment to approximately €110 million at a blended net initial yield of approximately 5.9%."

At 2:45pm: (LON:SERE) Schroder European Real Estate Investment Trust Plc Ord Gbp0.10 share price was 0p at 109.5p

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