REG - Schroder Real Estate - Disposal of High Street, Bromley

Thu Aug 23, 2012 2:00am EDT

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RNS Number : 6017K
Schroder Real Estate Inv Trst Ld
23 August 2012


Schroder Real Estate Investment Trust Limited

(the 'Company')




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

FTI Consulting

Dido Laurimore / Daniel O'Donnell


020 7831 3113


This information is provided by RNS
The company news service from the London Stock Exchange
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