Schroder fund inks €215m off-market Hammersmith purchase

Schroder UK Real Estate Fund has acquired a portfolio of assets in London's Hammersmith district from the Matterhorn Palos Partnership for £153 mln (€215 mln) in an off-market transaction.

The acquisition comprises the 340,000 sq ft (31,600 m2) Kings Mall Shopping Centre, the 1,000-space Kings Mall car park and One Lyric Square, an adjoining self-contained office building.

Kings Mall, which has undergone significant refurbishment over the last few years, is home to over 40 retail tenants, including H&M, Sainsburys, River Island and Primark.

One Lyric Square, which sits directly above the mall, provides high-quality office accommodation and is currently 100% let.

Commenting on the transaction, James Lass, fund manager for Schroder UK Real Estate Fund, said: 'This is a clear demonstration of our strategy to capitalise on the strong growth we are witnessing throughout the London markets outside of the traditional "core" with further strategic acquisitions where we see potential to add value through asset management.'

Michael Elliot and CBRE acted for SREF and JLL and David Baroukh Associates acted for Matterhorn Palos Partnership.

The Schroder UK Real Estate Fund is Schroders’ flagship real estate fund which was launched in 1971 and is currently valued at £1.8 bn.