Schroder trust closes EUR 21m of disposals

Schroder Real Estate Investment Trust has announced the sale of The Gate Centre in Brentford and Kingsland Trading Estate in Bristol for a combined price of £17 mln (EUR 21 mln), reflecting a premium to valuation of 4.8%.

'These disposals crystallise value created by active management and repositioning of the assets,' the company said in a statement.

The Gate Centre, which was sold for a net initial yield of 4.9%, is an 82,000 sq ft (7,600 m2) multi-let industrial estate in Brentford. The asset has an average unexpired lease term of 6.9 years.

Kingsland Trading Estate, an 84,000 sq ft multi-let industrial estate in Bristol, was divested for a net initial yield of 6.7% and has an average unexpired lease term of 6.7 years.