7th Jan 2025 07:40
Schroder European Real Estate Investment Trust PLC - London and Johannesburg-listed property investor - Sells a grocery anchored retail asset in Frankfurt, Germany, for EUR11.8 million. It acquired the property in April 2016 for around EUR11 million, and has recently completed various asset management initiatives, including securing longer-term leases with Lidl and Fresnapf. Expects the transaction to complete on March 31, 2025, allowing it to retain all income until then.
"This asset was acquired in April 2016 and has provided the company with a stable income stream over the eight years of ownership," says Jeff O'Dwyer, fund manager for Schroder Real Estate. "Following the completion of our asset management plan, and given the limited scope for future rental growth, we felt that now was the right time to sell and crystallise a profit for our shareholders."
Current stock price in Johannesburg: ZAR15.34
12-month change: down 3.8%
By Artwell Dlamini, Alliance News reporter
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