Schroder European Real Estate makes first property purchase

Schroder European Real Estate Investment Trust has announce that it has exchanged contracts to purchase freehold office property located in Boulogne-Billancourt (Paris) for €37.5m. The purchase is the company’s first since its launch (the company listed on the London Stock Exchange on 9 December 2015) and the purchase price represents a net initial yield of 5.7%. The company says that the property is fully income producing and has a prominent location in Boulogne-Billancourt, a densely populated and established office area in western Paris, France. The company says that Paris is the largest and most liquid commercial real estate market in Continental Europe and a key target market of the Group. The purchase is subject to a waiver of statutory pre-emption rights in the French market and is therefore expected to complete at the end of the March 2016.

Schroder European Real Estate makes first property purchase : SERE