Wembley planning update

RNS Number : 5366G

Schroder Real Estate Inv Trst Ld

08 May 2014

 



For release 8 May 2014

Schroder Real Estate Investment Trust Limited

(the 'Company' / 'Group')

Wembley planning update

On 18 September 2013 the Company announced it had exchanged contracts to sell a one acre plot, comprising part of its two acre Wembley site, to a wholly owned subsidiary of The Unite Group plc ('Unite') for a base price of £7.4 million.  Completion of the disposal was subject to Unite securing detailed planning consent for 200,000 sq ft of student accommodation comprising approximately 684 rooms without onerous conditions.  

The Company now announces that Unite have secured resolution to grant detailed planning consent for 200,000 sq ft of student accommodation comprising 699 rooms, without onerous conditions.  This increases the sale price to £7.56 million including overage, compared with a valuation as at 31 March 2014 of £6.25 million. 

The only remaining condition outside of the Company's control is expiry of the planning Judicial Review period 22 May 2014.  The contract with Unite has a fixed completion date of 1 August 2014.

The Company will provide a further update in due course.

-ENDS-

 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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