Acquisition of City Tower, Manchester

RNS Number : 5117J

Schroder Real Estate Inv Trst Ld

12 June 2014

 



12 June 2014

Schroder Real Estate Investment Trust Limited

(the 'Company')

 ACQUISITION OF CITY TOWER, MANCHESTER

Following the announcement of 7 May 2014, the Company announces that it has completed the acquisition of a 25% interest in City Tower in Manchester for £33 million.  The price reflects a headline initial yield of 7%.  The Company has acquired the property alongside Schroder UK Property Fund and Immobilien Europa Direkt, both managed by Schroder Property Investment Management, for a total price of £132 million.

Following completion of the acquisition the Company will have total cash approximately £16 million and a net loan to value, based on the independent valuation as at 31 March 2014, of approximately 33.4%. 

The Company is progressing further acquisition opportunities and continues to believe that there is potential to enhance future returns to shareholders through a further increase in the size of the Company.

For further information:

Schroder Property Investment Management Limited: Duncan Owen / Nick Montgomery	020 7658 6000
Northern Trust: David Sauvarin	01481 745529
FTI Consulting: Dido Laurimore / Nina Legge	020 3727 1000

 

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