Schroder REIT completes City Tower acquisition
Schroder Real Estate Investment Trust (REIT) has completed the acquisition of a 25 per cent interest in City Tower in Manchester for GBP33 million.
The price reflects a headline initial yield of seven per cent.
The company has acquired the property alongside Schroder UK Property Fund and Immobilien Europa Direkt, both managed by Schroder Property Investment Management, for a total price of GBP132 million.
Following completion of the acquisition the company will have total cash approximately GBP16 million and a net loan to value, based on the independent valuation as at 31 March 2014, of approximately 33.4 per cent.
Schroder REIT is progressing further acquisition opportunities and continues to believe that there is potential to enhance future returns to shareholders through a further increase in the size of the company.
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