Schroder Eur Real Est Inv Trust PLC SEREIT acquires car salesroom in Cannes, France (6065I)
April 20 2022 - 1:00AM
UK Regulatory
TIDMSERE
RNS Number : 6065I
Schroder Eur Real Est Inv Trust PLC
20 April 2022
20 April 2022
Schroder European Real Estate Investment Trust Plc
SCHRODER EUROPEAN REIT ACQUIRES CAR SHOWROOM IN CANNES,
FRANCE
Schroder European Real Estate Investment Trust Plc (the
"Company"), the company investing in European growth cities, is
pleased to announce that it has exchanged contracts to purchase a
freehold car showroom property in Cannes, southern France, for
EUR8.4 million, reflecting a net initial yield of 5.5% and a
reversionary yield of 6.4%.
The 4,235 sqm showroom is fully let to FCA Motor Village France,
a subsidiary of the global automotive manufacturer Stellantis
Corporation. Brands traded from the asset include Fiat, Alfa Romeo,
Jeep, Abarth and Lancia. The remaining lease term is c. 3 years off
an affordable and sustainable rent subject to annual
indexation.
Located in one of France's fastest growing regions from a GDP
and population perspective, the asset serves as the tenants'
primary car showroom within a broader agglomeration spanning over
20 dealerships that cannot be replicated.
The site benefits from excellent accessibility and visibility,
with 200 metres of frontage to Avenue du Campon, the main arterial
road linking the A8 motorway to Cannes. Neighbouring car
dealerships include Lamborghini, Ferrari, Ford and Toyota. The site
benefits from a scarcity of land and longer term scope for
alternate use.
Commenting on the acquisition, Jeff O'Dwyer, Fund manager for
Schroder Capital commented: "This acquisition not only offers
attractive day one income but also assists in further diversifying
the portfolio while strengthening our exposure to higher growth
Continental European regions. The site configuration and
neighbouring medium density residential creates longer term scope
for alternate use. We continue to be patient in investing the
remaining proceeds from the sale of Paris Boulogne Billancourt and
expect the availability of investment opportunities to
improve."
The purchase is subject to a waiver of statutory pre-emption
rights in the French market and is therefore expected to complete
in June 2022.
Enquiries:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Ria Vavakis
Schroder Investment Management Limited Tel: 020 7658 6501
Dido Laurimore/Richard Gotla
FTI Consulting Tel: 020 3727 1000
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