Schroder Real Estate Investment Trust disposes interest in Minerva House

Schroder Real Estate Investment Trust completed Monday the disposal of its 50 per cent stake in Minerva House, London for 30m pounds.

The company has exchanged unconditional contracts following the announcement of the decision on December 10th.

The price reflects a net isreinitial yield of 5.37% compared to a value of £29.25m at September 30th.

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The property investment company now has £52.7m in cash and a net loan-to-value ratio following the completion of the disposal, based on the portfolio valuation of 30% as at September 30th.

The firm, which has a market capitalisation of £137.03m, stated that it intends to use the funds to reduce debt, which will be explained in further detail at a later date.

Minerva House is an office and residential building covering 103,686 sq. ft., on the south bank of the River Thames adjacent to Southwark Cathedral.

RD