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Schroder Real Estate is today announcing the completion of the purchase of the Metromar shopping centre in Seville, Spain, from UBS Asset Management, for approximately €52.5 million, reflecting a net initial yield of 6.2%.
Schroders acquired the property on behalf of Immobilien Europa Direkt an investment group of Zurich Investment Foundation. The acquisition was made in a 50:50 joint venture with Schroder European Real Estate Investment Trust Plc “SERE” which together with IED is managed by Schroder Real Estate Investment Management.
The 23,500 sq m shopping centre is let to 50 tenants, with a significant convenience retail offering, anchored by a Mercadona grocery supermarket. The discretionary retail tenants include Zara, Mango, Sfera, H&M, Pull & Bear, Stradivarius, Bershka and Cortefiel. Metromar is located alongside the Ciudad Expo metro station and benefits from good road access. The asset is 90% let and generates a rent roll of around €4 million per annum. The current weighted average lease term is nine years.
Tony Smedley, Head of Continental European Investment at Schroder Real Estate, commented:
"With retail expected to be a key beneficiary of Spain’s economic recovery, this acquisition is a welcome addition to the portfolio, offering significant diversification for our investors whilst maintaining our attractive dividend yield.
We have been tracking this opportunity for some time and are delighted to be able to complete the purchase. The property has a strong occupational track record, is located in one of the region’s fastest growing locations and fits with the wider portfolio strategy to offer an attractive income profile with asset management potential.”
Immobilien Europa Direkt, an open ended Euro denominated fund, was launched by Zurich Investment Foundation and has been designed specifically for Swiss pension schemes. Its investment strategy is focused on providing investors with a diversified portfolio of commercial real estate in the main western European markets.
For further information, please contact:
Béatrice Hirzel Corte, Head of Communication Switzerland
Tel: +41 44 250 12 14 / beatrice.hirzel@schroders.com
Schroder Real Estate
Schroders has managed real estate funds since 1971 and currently has £12.2 billion (EUR 14.2 billion/ $15.2 billion*) of gross real estate assets under management as at 31 March 2017.
Most of the real estate funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ real estate business visit www.schroders.com/realestate
*Real Estate AUM includes holdings of Schroder Real Estate Capital Partners and Schroders Multi-asset Funds.
Schroders plc
As a global investment manager, we help institutions, intermediaries and individuals across the planet meet their goals, fulfil their ambitions, and prepare for the future. But as the world changes, so do our clients’ needs. That’s why we have a long history of adapting to suit the times and keeping our focus on what matters most to our clients.
Doing this takes experience and expertise. We bring together people and data to spot the trends that will shape the future. This provides a unique perspective which allows us to always invest with conviction. We are responsible for £416.3 billion (€486.7 billion/$520.6 billion)* of assets for our clients who trust us to deliver sustainable returns. We remain determined to build future prosperity for them, and for all of society. Today, we have 4,100 people across six continents who focus on doing just this.
We are a global business that’s managed locally. This allows us to always keep our clients’ needs at the heart of everything we do. For over two centuries and more than seven generations we’ve grown and developed our expertise in tandem with our clients’ needs and interests.
Further information about Schroders can be found at www.schroders.ch
*as at 31 March 2017