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Schroder European Real Estate buys Paris property

28 October 2016 13:03

Schroder European Real Estate Investment Trust has announced the exchange of contracts for the purchase of a €30.1 million office property located in Saint Cloud, Paris, reflecting a net initial yield of 9.5%.

The asset is fully income producing and comprises part of an established office complex in Saint Cloud, a densely populated mixed use area in the west of Paris.

The new Grand Paris public transport connection will be completed alongside the building in 2025, which is expected to provide significantly improved accessibility to this part of Paris. The company says the investment is fully in line with its strategy to acquire income producing assets in winning cities, let off sustainable rents and in locations that benefit from constrained supply, multiple competing uses and where there are significant infrastructure improvements.

At 1:03pm: (LON:SERE) Schroder European Real Estate Investment Trust Plc Ord Gbp0.10 share price was -0.62p at 122.38p

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