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BRIEF-Schroder EU Real Estate Investment Trust buys shopping centre in Seville

Published 2017/05/23, 08:16
Updated 2017/05/23, 08:20
© Reuters.  BRIEF-Schroder EU Real Estate Investment Trust buys shopping centre in Seville

May 23 (Reuters) - Jse: Scd - Schroder European Real Estate Investment Trust Plc Acquires Shopping Centre In Seville, Spain SERE.L

* Schroder European Real Estate Investment Trust Plc has completed the purchase of the Metromar shopping centre in Seville, Southern Spain, from UBS Asset Management

* The total purchase price is approximately 52.5 million euros, reflecting a net initial yield of 6.2%

* SEREIT is acquiring a 50% stake in joint venture with the Schroder advised Immobilien Europa Direkt

* The 23,500 sqm shopping centre is let to 50 tenants, with a significant convenience retail offering, anchored by a 2,300 sqm Mercadona grocery supermarket

* Metromar's sales growth over the past three years has been robust: 4% in 2014; 8% in 2015; and 4% in 2016

* The centre is located in a densely populated area, with a catchment of 60,000 people in the immediate vicinity, and a further 250,000 within a 15 minute drive

* The asset is 90% let by area (98% by ERV) and generates an annual rent roll of 4 million euros. Source text for Eikon: ID: Further company coverage: SERE.L

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