Schroder Real Estate Investment Trust has exchanged contracts with Network Stadium Housing Association to dispose of the Olympic Office Centre in Wembley, UK for £15.4 mln (€20 mln), reflecting a net initial yield of 6.7%.
Schroder Real Estate Investment Trust has exchanged contracts with Network Stadium Housing Association to dispose of the Olympic Office Centre in Wembley, UK for £15.4 mln (€20 mln), reflecting a net initial yield of 6.7%.
The price marks a 43% premium to the last appraisal of the property at 30 June 2014 of £10.75 mln.
The 74,000 sq ft (6,900 m2) Olympic Office Centre is currently let to three tenants and produces a total rent of £1.09 mln per annum. All the leases expire on or before 24 February 2015.
Schroder Real Estate Investment Trust secured outline planning consent in September 2013 for 400,000 sq ft of residential and student accommodation on the two-acre car park adjoining the office centre.
The REIT bought the property in July 2004 for £8.4 mln.
