18th May 2015 07:40
LONDON (Alliance News) - Schroder Real Estate Investment Trust Ltd on Monday said it has acquired the freehold on the St John's Retail Park in Bedford for GBP31.8 million.
The purchase price for the site reflects a net initial yield of 6.5%, the trust said.
The property contains a 130,000 square foot retail warehouse park let to 12 tenants, plus an adjoining 11,600 square foot office building.
"The acquisition follows the disposal of low or non-income producing property and results in SREIT being substantially invested with a fully covered dividend," said Duncan Owen, the global head of real estate at Schroders PLC, the FTSE 100-listed fund manager.
Shares in the trust were down 0.1% to 60.188 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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