17 May 2017
Exeter
Reporter: Theo Andrew

Schroders bags two more office assets


Schroder Real Estate has acquired two more assets on behalf of its Regional Office Property Unit Trust (ROPUT) for a combined £27.2 million.

The Senate in Exeter and London Court in Reigate were acquired for £15.7 million and £11.5 million, respectively, reflecting a total net initial yield of 7.1 percent.

Located in Exeter city centre, The Senate is a four-story office building spanning 69,000 square feet. Tenants include Reuters, and law firms Trower & Hamlins and Arbuthnot Latham & Co.

London Court, situated it walking distance from Reigate mainline station, totals 35,000 square feet and houses tenants such as Tesco Underwriting and Hyundai Capital.

According to Schroders, ROPUT is targeting undersupplied regional office markets in towns with strong a diversified local economies.

It is ROPUT’s fifth and sixth acquisition since its launch in 2016 with a further £130 million ready to invest.

Tom Newman, investment manager at Schroder Real Estate, said: “The Senate and London Court are modern, well built buildings let to good covenants in locations that have very little grade A office supply and little to no speculative development in the pipeline.”

Stephen Cahoon, head of asset management UK at Cromwell Property Group, said: “Having created well specified office environments aligned to the requirements of today’s occupier and driven both assets to 100 percent occupancy we are delighted to have completed a sale to Schroders.”

Doherty Baines and CBRE acted for Schroder Real Estate.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Standard Chartered boosts CRE team
11 December 2017 | Singapore | Reporter: Stephanie Palmer
Standard Chartered has named Steven Cranwell as global head of commercial real estate for its global banking business
SoftBank and Compass in ‘largest ever’ US real estate tech investment
08 December 2017 | New York | Reporter: Stephanie Palmer
Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
JLL develops UK corporate solutions team
07 December 2017 | London | Reporter: Stephanie Palmer
JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Allianz tops off bumper 2017 with Broadway acquisition
04 December 2017 | New York | Reporter: Stephanie Palmer
Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion