Schroder European Real Estate Investment Trust (SERE) has acquired an industrial warehouse in the Netherlands in a sale-and-leaseback deal.
London-listed SERE, which invests in European growth cities, said it has invested around €11m to acquire the fully-let 9,115sqm asset in Alkmaar.
The property is let to electrical engineering and renewable energy specialist WA Schuurman Beheer in a 20-year triple net-lease deal.
Jeff O’Dwyer, fund manager at Schroder Capital Real Estate, said: “Whilst we continue to be patient in our investment strategy, this was a rare opportunity to acquire a highly sustainable asset with a strong and visible income profile that enhances the company’s sector weighting, average unexpired lease term and credit strength.
“We continue to seek ways to further diversify by both number of assets and tenants, as well as increasing our allocation to high growth pockets of the industrial sector via selective acquisitions.”
O’Dwyer added that, as well as increasing the portfolio industrial weighting from 25% to 29%, the investment deploys a portion of the proceeds from the sale of Paris Boulogne Billancourt in 2022 as part of the firm’s strategy to improve dividend cover.
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