For release 15 June 2020
Schroder Real Estate Investment Trust Limited
("SREIT"/ the "Company" / "Group")
INDUSTRIAL LETTING PROGRESS
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, provides an update on recent asset management activity across its industrial portfolio.
Since the year end at 31 March 2020, eight lettings, renewals and reviews have completed across the industrial portfolio with a total rent of £840,000 per annum. This activity generated additional contracted rental income of £270,000 per annum compared with the position at the year end. This activity is outlined below.
Leeds, Millshaw Industrial Estate (multi-let industrial estate)
- Lease renewal with Restore Plc for a new five year lease at a rent of £250,000 per annum, or £4.84 per sq ft, compared with the previous rent of £242,500. This represented a 3.1% increase.
- Rent review agreed with Camso UK Limited at a new rent of £19,800 per annum, or £7.26 per sq ft, compared with the prior passing rent of £18,420. This represented a 7.5% increase.
Norwich, Union Park (multi-let industrial estate)
- New lease completed with Quentor Ltd for a 10 year term at a rent of £189,175 per annum, or £4.79 per sq ft. The unit was vacated by the previous tenant in May 2020 who was paying £181,125 per annum. This represented a 4.4% increase.
- Rent review agreed and simultaneous new six year lease completed with ADI-Gardiner Limited resulting in a new rent of £18,500 per annum, or £5.51 per sq ft, compared with the prior passing rent of £17,000 or £5.06 per sq ft. This represented a 8.8% increase.
Milton Keynes, Stacey Bushes (multi-let industrial estate)
- Lease renewal with My Warehouse Limited in Unit 28 with new five year lease at a rent of £82,943 per annum, or £7.00 per sq ft, compared with the prior passing rent of £53,321 or £4.50 per sq ft. This represented a 55.6% increase.
- Lease renewal with Vacuum Technologies Limited for a new five year lease at a rent of £15,380 per annum, or £10.00 per sq ft, compared with the prior passing rent of £10,766 or £7.00 per sq ft. This represented a 42.9% increase.
- Rent review agreed with The Warehouse (Milton Keynes) Limited resulting in a new rent of £37,464 per annum, or £7.00 per sq ft, compared with the prior passing rent of £34,788 or £6.50 per sq ft. This represented a 7.7% increase.
Portsmouth, Walton Road (industrial)
- Rent review agreed with Codestorm Limited resulting in a new rent of £225,000 per annum, or £8.36 per sq ft, compared with the prior passing rent of £188,377. This represented a 19.4% increase.
Balance sheet
- The Company has a strong balance with a net loan to value ratio of 23.7% as at 31 March 2020 and current cash of £86 million.
-ENDS-
For further information:
Schroder Real Estate Investment Management Limited:
Duncan Owen / Nick Montgomery / Frank Sanderson |
020 7658 6000 |
Northern Trust:
Lisa Garnham |
01481 745529 |
FTI Consulting:
Dido Laurimore / Richard Gotla / Meth Tanyanyiwa |
020 3727 1000 |
