Schroder Real Estate Investment Trust Ltd - Asset Management Update
PR Newswire
London, May 20
For release 21 May 2019
Schroder Real Estate Investment Trust Limited
("SREIT"/ the "Company" / "Group")
ASSET MANAGEMENT UPDATE
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, provides an update on asset management activity completed since the 31 March 2019 financial year end:
Industrial sector
Peterborough, Unit B Finmere Park
Unit B Finmere Park is a 81,591 sq ft distribution warehouse that was let to Yours Clothing at £245,000 per annum. Yours Clothing exercised a break option in late 2018 and vacated on 1 May 2019. On 17 May an agreement was exchanged with EPD Insulation Group Limited for them to lease the unit on a 10.5 year lease without break options at £450,000 per annum. The agreement is subject to SREIT carrying out works costing approximately £400,000 that should take four months. On completion of the works the tenant will receive nine months rent free.
Retail sector
Bedford, St. John's Retail Park
In April a resolution to grant planning consent was received for the 21,630 sq ft supermarket let to LIDL UK GmbH forming part of the former Homebase unit at St. John's Retail Park. The former Homebase will be refurbished to create two retail units at a cost of approximately £3.7 million. On completion of the works in early 2020 Lidl will take a fifteen year lease £335,000 per annum. The remainder of the former Homebase comprising 13,950 sq ft has been pre-let to TJ Morris Limited (trading as Home Bargains) on a fifteen year lease at £190,000 per annum. This is subject to a separate planning application to be submitted shortly.
Chelmsford, 24 - 25 High Street
24 - 25 High Street is a well located retail unit let to the jeweller, Fraser Hart. In April Fraser Hart's outstanding rent review was settled at £230,000 per annum which reflected an increase of 11% on the previous rent. In May the lease was extended from 9.5 years to 14.5 years at £230,000 per annum in return for 13 months rent free.
SREIT has today also announced its final results for the financial year to 31 March 2019.
-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 |
