Schroder Real Estate Investment Trust Ltd - Significant Lettings Progress
Schroder Real Estate Investment Trust Ltd - Significant Lettings Progress
PR Newswire
London, February 28
For release 2 March 2020
Schroder Real Estate Investment Trust Limited
("SREIT"/ the "Company" / "Group")
SIGNIFICANT LETTINGS PROGRESS
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, provides an update on asset management activity.
Since 1 January, 16 new lettings, renewals and rent reviews have completed, generating additional income of approximately £370,000 per annum. The Company is currently actively progressing a number of other lettings which are currently under offer that have the potential to generate additional annualised income of £420,000 per annum.
Manchester, City Tower (mixed-use, £ figures below represent SREIT’s 25% share)
- Agreement for lease exchanged for a new ten year lease to Coalfire Systems, a US based Cyber Risk Management advisor, for 5,500 sq ft situated on the 28th floor at £26 per sq ft, equating to £35,529 per annum. The tenant will receive twelve months rent free, with a further three months if the break is not exercised in the fifth year. The rent is in-line with the Estimated Rental Value (“ERV”) as at 30 December 2019.
- New short-term lease completed to Sheppard Robson, an architectural firm, for 2,160 sq ft on 27th floor at £29.50 per sq ft equating to £15,900 per annum. This compared with an ERV of £12,125 per annum. No rent free incentive was granted.
- Following the recent letting to Lidl at City Tower good progress is being made letting the ancillary retail and leisure. For example, a new ten year letting has been completed with Triple Two Coffee for a 1,660 sq ft retail unit at a rent of £17,500 per annum versus an ERV of £16,475 per annum in return for 9 months rent free.
Norwich, Union Park (multi-let industrial estate)
- Agreement for lease exchanged for a new ten year term to Quentor Limited, a motorsport manufacturer, for a 39,935 sq ft unit at a stepped rent rising from £181,125 per annum (£4.50 per sq ft) in years 1 and 2, to £191,188 per annum (£4.75 per sq ft) in year 3 and £201,250 per annum (£5.00 per sq ft) in year 4 and 5. The tenant will receive six months rent free.
- New lease completed for a three year term to Qualitas Limited, a telecommunications company, for a 3,400 sq ft unit at £5.34 per sq ft equating to £18,260 per annum, in-line with ERV. The tenant will receive four months rent free.
York, Clifton Park (office)
- Agreement completed with Balfour Beatty to remove the tenant break option in June 2020 and fix the rent review at £138,348 per annum, equating to £15.25 per sq ft, in return for six months rent free. The lease expires in June 2025 and the new rent represents a 35% uplift on the previous headline rent.
-ENDS-
For further information:
Schroder Real Estate Investment Management Limited: Duncan Owen / Nick Montgomery / Frank Sanderson | 020 7658 6000 |
Northern Trust: James Machon | 01481 745529 |
FTI Consulting: Dido Laurimore / Richard Gotla | 020 3727 1000 |