Schroder Real Estate Investment Trust Ltd - investment company - Says rent collection totals 94% in its second quarter ending September 30, compared to 88% in the previous quarter. Notes collection 81% of retail and leisure property rents, 99% of office rent, 100% of industrial rent in the recent quarter. Expects to recover a significant portion of outstanding rent.
Notes 35 new lettings, renewals and reviews since releasing its full-year results on June 2. Says these transactions will generate rental income of GBP2.0 million each year, whilst increasing contracted rental income by GBP660,000 per year.
Leasing activity includes a new ten-year lease with Spinko Ltd for a 34,446 square foot unit with annual rent of GBP206,676, or GBP6.00 per square foot at the Millshaw Industrial Estate in Leeds, up 26% from GBP163,618 per year or GBP4.75 per square foot under its previous agreement. Also completes five-year lease renewal with Yorkshire Metal Finishes Ltd for a 4,400 square foot unit at Millshaw for annual rent of GBP30,807 or GBP7.00 per square foot, up 22% from GBP25,300 per year or GBP5.75 per square foot previously. Notes several other five-year lease agreements at industrial and retail properties in England. Recent activity has primarily been driven by its industrial portfolio, the company adds.
Current stock price: 48.54 pence, up 1.8% on Monday
Year-to-date change: up 24%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Schroder Real (SREI)