(Alliance News) - Schroder European Real Investment Trust PLC said Thursday it has completed a new five-year lease agreement for another floor at Hammerbrookstrabe 94, its office investment in Hamburg, Germany.
Construction engineering firm BAM Deutschland AG has taken the 8th floor, totalling 646 square metres, or 10% of the lettable area on a five-year lease, which will generate an additional EUR104,500 of annual contracted rent.
Following the agreement, Schroder European REIT has now leased five of the seven floors that were vacated following a lease surrender with the headline tenant.
"Despite the near-term impact of Covid-19 on occupational activity, we continue to see demand from a range of tenants for well-located office space across our target Continental European markets. Following on from the transformational Boulogne-Billancourt transaction announced last week, it represents the latest successful example of our Winning Cities strategy, whilst further improving the portfolio metrics," said Fund Manager Jeff O'Dwyer.
Shares in Schroder European REIT were up 1.3% at 71.95 pence in London, while its Johannesburg shares were 0.6% lower at ZAR15.80 on Thursday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Schroder Eur.r (SERE)