Schroder Real Estate Investment Trust Ltd - London-based real estate investment trust - Exchanges contracts to acquire a multi-let industrial estate in Chippenham, Wiltshire for GBP19.3 million, reflecting a net initial yield of 8.2%. Says Langley Park is let to five tenants on a four-year lease and produces a total net rent of GBP1.7 million per annum, with an estimated market rental value of approximately GBP1.8 million per annum. Says completion is expected to take place Friday.
Notes largest tenant is Siemens Mobility Ltd, a mobility solutions for freight transportation company, employing 800 people and representing 53% of the rental income. Other tenants are a UK subsidiary of Littlefuse Inc, a manufacturer of power systems for the transport industry representing 20% of the rental income, Schneider Electric Ltd, an energy and digital automation company producing 11%, and NHS Property Services Ltd, a property management company representing 8%.
Current stock price: 36.85 pence
Year-to-date change: down 33%
By Zoe Wickens; zoewickens@alliancenews.com
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Schroder Real (SREI)