Schroder Real Estate acquires new property for £9.2m

19th Aug 2014 08:53

Schroder Real Estate has exchanged contracts to acquire Stacy Bushes Industrial Estate in Milton Keynes for £9.2m.The property, which produces rent of £755,726 per year, is currently let to 12 tenants with an average unexpired lease term, assuming all tenant breaks are exercised, of 4.5 years and with 20% of the area currently vacant.Following completion of the acquisition, which is expected to take place on 21 August, the company will have cash of approximately £14.2m and a net loan-to-value. The company recently sold a non-income-producing site in Wembley for gross sale proceeds of £7.56m.As of 09:10 the share price had dropped 0.4% to 53.5p.WS