7 January 2025
SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC
("SEREIT" or the "Company" and, together with its subsidiaries, the "Group")
Sale of Frankfurt grocery retail asset for €11.8 million following completion of asset management initiatives
Schroder 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.
The 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.
The transaction is expected to complete on 31 March 2025, allowing the Company to retain all income until then.
Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, commented:
"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."
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Enquiries:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Natalia de Sousa
Schroder Investment Management Limited Tel: 020 7658 6000
Dido Laurimore/Richard Gotla/Ollie Parsons
FTI Consulting Tel: 020 3727 1000