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Acquisition of Freehold Office Property
Schroder European Real Estate Investment Trust PLC
(Incorporated in England and Wales)
Registration number: 09382477
JSE Share Code: SCD
LSE Ticker: SERE
ISIN number: GB00BY7R8K77
22 December 2015
ACQUISITION OF FREEHOLD OFFICE PROPERTY LOCATED
IN BOULOGNE-BILLANCOURT (PARIS), FRANCE
The Board of Schroder European Real Estate Investment Trust Plc (the “Group") is
pleased to announce exchange of contracts for the purchase of a €37.5 million
freehold office property located in Boulogne-Billancourt (Paris), France at a net
initial yield of 5.7%. The asset is fully income producing and has a prominent
location in Boulogne-Billancourt, a densely populated and established office area
in western Paris. The acquisition is fully in line with the strategy to acquire
institutional grade, income producing assets in major cities let off sustainable
rents and in supply constrained locations.
Commenting on the acquisition, Sir Julian Berney, Non-Executive Chairman of the
Group commented:
“We have secured the Group’s first investment soon after launch. The acquisition
is fully in line with the strategy to own institutional grade, income producing
assets in major cities”.
Tony Smedley, Head of Continental European Investment at Schroder REIM commented:
“Paris is the largest and most liquid commercial real estate market in
Continental Europe and a key target market of the Group. This is a strong start
to the deployment of initial equity and consistent with our strategic objective
to acquire assets with growth potential, let off sustainable rents and in supply
constrained locations”.
The purchase is subject to a waiver of statutory pre-emption rights in the French
market and is therefore expected to complete at the end of the March 2016.
Enquiries:
Duncan Owen/Tony Smedley
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Ria Vavakis
Schroder Investment Management Limited Tel: 020 7658 2371
Sponsor: PSG Capital Proprietary Limited
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