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LONDON (Alliance News) - Schroder European Real Estate Investment Trust PLC said Thursday it has purchased a convenience retail property in Germany for EUR11.1 million, in its fifth investment since December 9.
Schroder said the asset is a grocery supermarket anchored, multi-let convenience retail centre located in a growing inner urban region of Frankfurt, and comprises of 4,525 square metres of lettable area. The investment reflects a net initial yield of 5.6%.
Schroder added that the investment is anchored by a 1,600 square metre Lidl Stiftung & Co KG supermarket with an initial lease term exceeding 10 years. The combined weighted average unexpired lease term of all leases is approximately 8 years, Schroder said.
"Acquiring good retail assets in prime German cities is challenging and competitive, hence being able to secure this long let investment within a growing urban area of Germany's financial capital is a credit to our local sourcing capabilities," Non-Executive Chairman Julian Berney said.
Shares in Schroder were down 0.1% at 109.45 pence on Thursday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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