Schroder Real Estate Investment Trust Ltd - Industrial Asset Management Update
PR Newswire
London, March 28
For release 29 March 2019
Schroder Real Estate Investment Trust Limited
("SREIT"/ the "Company" / "Group")
INDUSTRIAL ASSET MANAGEMENT UPDATE
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, announces the following activity across its multi-let industrial portfolio that increases net income by £135,283 per annum:
Hortonpark Industrial Estate, Telford
Hortonpark Industrial Estate comprises 15 units totalling 158,621 sq ft. Lease agreements have been exchanged on two vacant units totalling 17,756 sq ft. Smiths Metal Centres Limited has signed a six year lease for a 8,878 sq ft unit at a rent of £45,000 per annum. Evolution Foods Limited has signed a five year lease for a 8,878 sq ft unit at a rent of £42,500 per annum. The combined lettings are 4% ahead of the rental value as at 31 December 2018 and increase occupancy to 96% as a percentage of rental value.
Union Park Industrial Estate, Norwich
Union Park Industrial Estate comprises 32 units totalling 268,868 sq ft. Hire Station has agreed a new ten year lease for a 13,212 sq ft unit at a rent of £75,969 per annum, which is 36% above the previous rent paid and 4% above the rental value as at 31 December 2018. Unicross have also agreed a new five year lease for a 8,224 sq ft unit at a rent of £42,750 per annum which is a 16% increase on the previous rent paid and in line with the rental value. Following this activity the estate is 90% let as a percentage of rental value.
Stacey Bushes Industrial Estate, Milton Keynes
Stacey Bushes Industrial Estate comprises 52 units totalling 379,948 sq ft and is fully let. One lease renewal and three rent reviews have been completed at a total combined rent of £186,149 per annum. This results in a combined rental uplift of £22,064 per annum and is 7% above the combined rental value as at 31 December 2018. The Company will shortly start construction of six new units totalling 14,800 sq ft with an estimated rental value of £155,400 per annum.
Following completion of recently announced contracted disposals the Company's exposure to the industrial sector will increase from 29% to 31%.
-ENDS-
For further information:
| Schroder Real Estate Investment Management Limited: Duncan Owen / Nick Montgomery / Frank Sanderson | 020 7658 6000 |
| Northern Trust: James Machon | 01481 745529 |
| FTI Consulting: Dido Laurimore / Richard Gotla | 020 3727 1000 |
