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Schroder Real Estate buys office property in Edinburgh and Nottingham – Schroder Real Estate (SREI) has announced the acquisition of two office developments in Edinburgh and Nottingham. The acquisitions are due to complete on 10 August .
The combined price for the two properties of £21.0m reflects a net initial yield of 6.7% and a reversionary yield, based on the independent valuers’ view of the rental value, of 7.6%.
The acquisitions will be funded using existing cash and the RBS revolving credit facility.
The properties are:
On completion of the acquisitions, and incorporating the impact of new refinancing arrangements, Schroder Real Estate’s net loan-to-value will be approximately 29%, comfortably within the it’s target range of 25% to 35%.
SREI : Schroder Real Estate buys office property in Edinburgh and Nottingham