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(Alliance News) - Schroder European Real Estate Investment Trust PLC on Wednesday said it will be losing one of its fashion tenants at Metromar shopping centre in Seville, Spain.
The London and Johannesburg-listed real estate investor said it has been notified that one of the fashion anchor tenants will exercise its lease termination right.
The unnamed tenant accounts for around 3,000 square meters, or 14%, of the total space. Current occupancy at the centre is 84%.
The rent due will continue to be collected until the end of July, Schroder added.
Metromar represented approximately 3.6% or EUR7.4 million of the last published net asset value at September 30, 2020. An updated valuation will be carried out at 31 March this year, which will reflect the potential vacancy, the company said.
Metromar is a 50:50 joint venture with Schroder-advised investment group Immobilien Europa Direkt.
Schroder shares were down 1.1% at 89.21 pence each in London, and were untraded in Johannesburg, last trading at ZAR18.99 each on Tuesday.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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