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
Joint venture buys Seattle Facebook office
24 May 2017 | Seattle | Reporter: Theo Andrew
Commerz purchased its stake in the 32,000-square metre office building for its open-ended real estate fund hausInvest
CPPIB’s real assets investment hits $73.1 billion
23 May 2017 | Toronto | Reporter: Theo Andrew
The pension fund ended the fiscal year with net assets of CAD 316.7 billion, a CAD 37.8 billion increase on 2016
Schroder and IED acquire Seville shopping centre
23 May 2017 | Seville | Reporter: Theo Andrew
Schroder purchased 50 percent of the asset for its European Real Estate Investment Trust (SEREIT), reflecting a net initial yield of 6.2 percent
Benson Elliot announces executive shake-up
23 May 2017 | London | Reporter: Theo Andrew
Mogull was previously managing partner, and Barrigan held the title of senior partner. The pair launched the company in 2006.
Barings kick starts global brand Initiative
23 May 2017 | London | Reporter: Theo Andrew
The central theme, ‘Adaptability - the new look of partnership’, is intended to highlight the opportunities Barings offers across liquid and illiquid assets globally
M&G bags Berlin office asset for €94.1 million
22 May 2017 | Berlin | Reporter: Theo Andrew
Located in Berlin’s Wilmersdorf district and recently refurbished, the property’s tenants include the Institute for Federal Real Estate and Paypal
New York leads way in global construction price rise
22 May 2017 | New York | Reporter: Theo Andrew
The survey, which compiles data from Turner & Townsend in 43 global markets, also found that construction costs are set to increase on average by 3.5 percent in 2017