3 February 2017
Paris, France
Reporter: Katherine Brown

SERE secure Paris office acquisition


Schroder European Real Estate Investment Trust (SERE) has purchased an office property in Saint Cloud, IIe de France, Paris for approximately €30 million.

The property, which is fully let to 12 tenants, has 15,800 square metres of office space within a 650,000-square metre complex.

This is the eighth purchase made by SERE in established western European growth cities and represents a 9.5 percent yield.

Tony Smedley, fund manager at SERE, said: "This off-market acquisition, secured on favourable terms, further demonstrates our ability to identify assets that are accretive to the income profile of the company, as well as the competitive advantages afforded to us through our well-established presence in the French real estate market.”

He added: “We continue to focus on fulfilling our growth ambitions and are confident of delivering on our stated IPO strategy.”

The acquisition is in line with SERE’s strategy of investing in growth cities that benefit from urbanisation, demographic change and infrastructure improvements.

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