IN BRIEF: Schroder European Real Estate sells stake in Spanish venture
3rd Feb 2025 10:50
Schroder European Real Estate Investment Trust PLC - London and Johannesburg-listed property investor - Sells 50% interest in the Metromar joint venture, which owns a shopping centre in Seville, Spain. Says the disposal price is in line with its previous recognition of its interest being of no value. However, the sale strengthens the trust's balance sheet by reducing its net loan-to-value ratio, or portfolio gearing, to 21% from 25%. It also notes that the previously announced sale of a grocery-anchored retail asset in Frankfurt for EUR11.8 million, which is expected to complete on March 31, and the repayment of associated bank debt are expected to further decrease net gearing by at least an additional two percentage points. Read More