Sale of Frankfurt grocery retail asset

About this update from Schroder European Real Estate Investment Trust Plc

[{"type":"text","content":"\n\n7 January 2025\n \nSCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC\n(\"SEREIT\" or the \"Company\" and, together with its subsidiaries, the \"Group\")\n \nSale of Frankfurt grocery retail asset for €11.8 million following completion of asset management initiatives\n \nSchroder 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.\n \nThe 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.\n \nThe transaction is expected to complete on 31 March 2025, allowing the Company to retain all income until then.\n \nJeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, commented:\n \n\"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.\"\n \n-Ends-\n \nEnquiries:\nJeff O'Dwyer\nSchroder Real Estate Investment Management Limited                              Tel: 020 7658 6000\nNatalia de Sousa\nSchroder Investment Management Limited                                                  Tel: 020 7658 6000\nDido Laurimore/Richard Gotla/Ollie Parsons\nFTI Consulting                                                                 ...

More updates from Schroder European Real Estate Investment Trust Plc