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SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC - Schroder European REIT Secures New Key Tenant At Metromar Shopping Centre, Seville

Release Date: 08/01/2018 09:00
Code(s): SCD     PDF:  
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Schroder European REIT Secures New Key Tenant At Metromar Shopping Centre, Seville

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


                                                                                                  8 January 2018

              SCHRODER EUROPEAN REIT SECURES NEW KEY TENANT AT METROMAR SHOPPING CENTRE, SEVILLE

         -1,200 sqm letting enhances leisure offering at one of the region’s premier family destinations-

Schroder European Real Estate Investment Trust plc (“SEREIT”), the company investing in European growth
cities, has agreed a new anchor lease with Urban Planet, one of Spain’s leading leisure specialists at its
Metromar Shopping Centre in Seville, southern Spain.

Urban Planet has signed a five year lease, with an option for a further five years, on c. 1,200 sqm of space, at a
passing rent ahead of business plan at acquisition. It will be Urban Planet’s first leisure centre in the Seville
region, with SEREIT having secured exclusivity limiting its opening of other trampoline related businesses in the
region.

Urban Planet has a strong track record of producing, managing and implementing innovative leisure
experiences linked to physical activity. At Metromar, the primary activity will be trampolining, as well as
climbing, dodgeball, a children’s play area and a food & beverage offering. Catering for all ages, the new space
will complement the centre’s existing leisure offering, and is expected to significantly drive customer footfall
and dwell time.

Urban Planet is aiming to commence trading during 2018, following the demolition of the existing unit, and will
invest significant capital, demonstrating its commitment to the centre.

SEREIT acquired Metromar in May 2017 in joint venture with the Schroder advised Immobilien Europa Direkt,
for a purchase price of approximately €52.5 million, reflecting a net initial yield of 6.2%. The 23,500 sqm
shopping centre is 99% let to 50 tenants, with a significant convenience retail offering and is anchored by a
2,300 sqm Mercadona grocery supermarket.

Jeff O’Dwyer, Fund Manager at Schroder REIM, commented:

“One of our acquisition objectives was to identify and deliver a quality leisure operator to what was a
historically non-income producing space. We believe that Urban Planet will be a transformational tenant,
changing the dynamic of the centre and further improving performance.

“Achieved at an attractive passing rent, we expect a positive increase for Q4 2017 valuation and having
delivered on our business plan ahead of schedule, it leaves us well placed to secure further leasing and re-
gears, on improved rents, as we position Metromar as the region’s premier retail and leisure offering.”

Enquiries:

Duncan Owen/Jeff O’Dwyer
Schroder Real Estate Investment Management Limited   Tel: 020 7658 6000

Ria Vavakis
Schroder Investment Management Limited               Tel: 020 7658 2371

FTI Consulting
Dido Laurimore/Richard Gotla/ Ellie Sweeney          Tel: 020 3727 1575

JSE Sponsor: PSG Capital Proprietary Limited

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