2nd Mar 2020 10:55
(Alliance News) - Schroder Real Estate Investment Trust PLC said Monday it has made significant progress in 2020 to date, completing 16 lettings, renewals and rent reviews, generating GBP370,000 per annum.
The largest deals completed includes a mixed-use asset known as City Tower in Manchester. A ten-year lease was exchanged for 5,500 square feet on the 28th floor with US-based cyber risk management advisor Coalfire Systems for GBP35,529 per annum.
A new short-term lease was completed for City Tower, with architectural firm Sheppard Robson for 2,160 square feet on the 27th floor at a rent of GBP15,900 per annum. The final lease for the asset was for ten-years with Triple Two Coffee for a 1,660 square feet retail unit at a rent of GBP17,500 per annum.
For the multi-let industrial estate Union Park in Norwich, Schroder REIT signed a ten-year lease with motorsport manufacturer Quentor Ltd for a 39,935 square feet unit at a stepped rent from GBP181,125 per annum in year one, to GBP201,250 in year four and five.
A second lease was completed for a three-year term to telecommunications firm Qualitas Ltd, for a 3,400 square feet unit at GBP18,260 per annum.
Finally, for office asset Clifton Park in York, the trust agreed with FTSE 250 infrastructure group Balfour Beatty PLC to remove the tenant break option in June and fix the rent review at GBP138,348 per annum. The lease expires in June 2025, and the new event represents a 35% uplift on the previous headline rent.
Shares in Schroder Real Estate Investment Trust were up 2.1% at 49.58 pence on Monday in London.
By Dayo Laniyan; [email protected]
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