TIDMSREI 
 
For release 2 March 2020 
 
                 Schroder Real Estate Investment Trust Limited 
                      ("SREIT"/ the "Company" / "Group") 
 
SIGNIFICANT LETTINGS PROGRESS 
 
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, 
provides an update on asset management activity. 
 
Since 1 January, 16 new lettings, renewals and rent reviews have completed, 
generating additional income of approximately GBP370,000 per annum.  The Company 
is currently actively progressing a number of other lettings which are 
currently under offer that have the potential to generate additional annualised 
income of GBP420,000 per annum. 
 
Manchester, City Tower (mixed-use, GBP figures below represent SREIT's 25% share) 
 
  * Agreement for lease exchanged for a new ten year lease to Coalfire Systems, 
    a US based Cyber Risk Management advisor, for 5,500 sq ft situated on the 
    28th floor at GBP26 per sq ft, equating to GBP35,529 per annum. The tenant will 
    receive twelve months rent free, with a further three months if the break 
    is not exercised in the fifth year. The rent is in-line with the Estimated 
    Rental Value ("ERV") as at 30 December 2019. 
  * New short-term lease completed to Sheppard Robson, an architectural firm, 
    for 2,160 sq ft on 27th floor at GBP29.50 per sq ft equating to GBP15,900 per 
    annum.  This compared with an ERV of GBP12,125 per annum. No rent free 
    incentive was granted. 
  * Following the recent letting to Lidl at City Tower good progress is being 
    made letting the ancillary retail and leisure. For example, a new ten year 
    letting has been completed with Triple Two Coffee for a 1,660 sq ft retail 
    unit at a rent of GBP17,500 per annum versus an ERV of GBP16,475 per annum in 
    return for 9 months rent free. 
 
Norwich, Union Park (multi-let industrial estate) 
 
  * Agreement for lease exchanged for a new ten year term to Quentor Limited, a 
    motorsport manufacturer, for a 39,935 sq ft unit at a stepped rent rising 
    from GBP181,125 per annum (GBP4.50 per sq ft) in years 1 and 2, to GBP191,188 per 
    annum (GBP4.75 per sq ft) in year 3 and GBP201,250 per annum (GBP5.00 per sq ft) 
    in year 4 and 5. The tenant will receive six months rent free. 
  * New lease completed for a three year term to Qualitas Limited, a 
    telecommunications company, for a 3,400 sq ft unit at GBP5.34 per sq ft 
    equating to GBP18,260 per annum, in-line with ERV. The tenant will receive 
    four months rent free. 
 
York, Clifton Park (office) 
 
  * Agreement completed with Balfour Beatty to remove the tenant break option 
    in June 2020 and fix the rent review at GBP138,348 per annum, equating to GBP 
    15.25 per sq ft, in return for six months rent free. The lease expires in 
    June 2025 and the new rent represents a 35% uplift on the previous headline 
    rent. 
 
                                    -ENDS- 
 
For further information: 
 
Schroder Real Estate Investment Management   020 7658 6000 
Limited: 
Duncan Owen / Nick Montgomery / Frank 
Sanderson 
 
Northern Trust:                              01481 745529 
James Machon 
 
FTI Consulting:                              020 3727 1000 
Dido Laurimore / Richard Gotla 
 
 
 
END

(END) Dow Jones Newswires

March 02, 2020 02:00 ET (07:00 GMT)

Schroder Real Estate Inv... (LSE:SREI)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Schroder Real Estate Inv... Charts.
Schroder Real Estate Inv... (LSE:SREI)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Schroder Real Estate Inv... Charts.