Business
£13m Nottingham Office Disposal
£13m Nottingham Office Disposal.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 3639B\n Schroder Real Estate Inv Trst Ld\n 11 February 2022\n \n \n \n \n For release 11 February 2022\n \n \n \n \n \n Schroder Real Estate Investment Trust Limited\n \n \n (\"SREIT\"/ the \"Company\" / \"Group\")\n \n \n \n \n \n £13M NOTTINGHAM OFFICE DISPOSAL ACHIEVED AT 39% PREMIUM TO VALUATION\n \n \n \n \n \n Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, announces that it has exchanged unconditional contracts to sell The Arc, a 44,602 sq ft office in Nottingham. The disposal price represents a 39% premium to the 31 December 2021 independent valuation of £9.35 million and reflects a net initial yield of 4.5%. Completion is scheduled on 28 February 2022.\n \n \n \n \n \n Situated on the edge of Nottingham city centre, the Company acquired The Arc in August 2018. The asset produces a net rent of £622,210 per annum with a WAULT of 1.7 years. Based on the disposal price, the asset has generated an ungeared total return\n of 12.1% per annum since acquisition, compared with the All Property MSCI Benchmark for the same period of 5.4% per annum, and MSCI All Offices for the same period of 3.5% per annum.\n \n \n \n \n \n SREIT will announce its unaudited Net Asset Value as at 31 December 2021 during the week commencing 28 February 2022.\n \n \n \n \n \n Nick Montgomery, Fund Manager of SREIT, commented:\n \n \n \"This sale demonstrates our ability to leverage the expertise of sector specialists to generate strong returns for shareholders. Having completed our business plan for this well located asset, \n we see attractive opportunities to redeploy the capital which, alongside the Company's pipeline of ongoing asset management activity, should support SREIT's ambition to deliver a progressive and sustainable dividend.\" \n \n \n \n \n \n -ENDS-\n \n \n \n \n \n For further information:\n \n \n \n \n \n \n \n \n Schroder Real Estate Investment Management Limited:\nNick Montgomery / Bradley Biggins\n / \n Matthew Riley \n \n \n \n \n 020 7658 6000\n \n \n \n \n \n \n FTI Consulting:\n \n \n Dido Laurimore / Richard Gotla / Ollie Parsons\n \n \n \n \n 020 3727 1000\n \n \n \n \n \n \n \n \n About Schroder Real Estate Investment Trust\n \n \n Schroder Real Estate Investment Trust aims to provide sharehol...