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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Are you one of 15 million people at risk of retirement poverty?Two-fifths of people in the UK aren’t on track for a minimum lifestyle in retirement, new data shows. Are there steps you can take to boost your pension?
-
150 banking hubs now open across UK – is there one near you?As the 150th banking hub opens its doors, a Post Office deal that offers basic banking services has also been extended until 2030. We explain what this means for you
