REG - Schroder Real Estate - Disposal of High Street, Bromley
Schroder Real Estate Investment Trust Limited
DISPOSAL OF HIGH STREET RETAIL INVESTMENT AT A PREMIUM TO VALUATION
Schroder Real Estate Investment Trust Limited announces that it has simultaneously exchanged and completed contracts to sell 100 High Street Bromley for £2.57 million. The sale price achieved is £0.22 million or 9.4% above the independent valuation as at 30 June 2012 of £2.35 million.
The disposal follows completion of a letting to Office Holdings Ltd, trading as Office Shoes, in June 2012. Office Shoes lease expires in June 2022 and is subject to a rent free period expiring October 2013, when the rent increases from nil to £175,000 per annum.
Commenting, Nick Montgomery of Schroder Property Investment Management Limited said:
"This disposal crystallises the valuation increase of 9.4% arising from the recent asset management and letting to Office Shoes. As the property is non-income producing until October 2013 the disposal is consistent with the Company's strategy of selling lower yielding assets to strengthen its balance sheet in anticipation of the loan re-financing event in July 2014."
For further information:
Schroder Property Investment Management Limited
Duncan Owen / Nick Montgomery
020 7658 6000
Dido Laurimore / Daniel O'Donnell
020 7831 3113
This information is provided by RNS