News releases

Schroder Real Estate announces €29.5 million retail purchase in France

Schroder Real Estate is today announcing the completion of a further acquisition in France on behalf of Immobilien Europa Direkt, an investment group of Zurich Investment Foundation.

16/04/2015

Schroder Real Estate is today announcing the completion of a further acquisition in France on behalf of Immobilien Europa Direkt, an investment group of Zurich Investment Foundation.

Schroders, on behalf of Immobilien Europa Direkt, has completed the acquisition of a freehold retail property in France near Bordeaux. The €29.5 million investment is part of the dominant Centre Commercial Auchan de Biganos (Gironde) anchored by grocery retailer Auchan and located between Bordeaux and the major tourist attraction Basin d’Arcachon. The vendor was CBRE Global Investors.

The retail gallery is let to 37 tenants and provides over 5,700 sqm of accommodation with an average unexpired lease term of over 6.5 years. The purchase price reflects an initial yield of 5.7%, which is expected to grow through the completion of asset management initiatives.

Tony Smedley, Head of Continental European Investment at Schroder Real Estate Investment Management, commented:

“We are pleased to have completed this strategic acquisition in French retail on behalf of Immobilien Europa Direkt. The property is very well located, provides good diversification for our investors and strong long term investment performance.”

Immobilien Europa Direkt, an open ended Euro denominated fund with a target AUM of €800 millioni, was launched by Zurich Investment Foundation and has been designed specifically for Swiss pension schemes. Its investment strategy is focused on providing investors with a diversified portfolio of commercial real estate in the main western European markets.

Photography of Bordeaux Biganos property is available.

For further information, please contact:

Estelle Bibby, Senior PR Manager, Schroders

Tel: +44 (0)20 7658 3431 / estelle.bibby@Schroders.com

Notes:
Schroder Real Estate Investment Management

Schroders has managed real estate funds since 1971 and currently has £11.7 billionii (EUR15.1 billion/US$18.3 billion) of gross real estate assets under management as at 31 December 2014.

Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction. For further information about Schroders’ real estate business visit www.schroders.com/realestate

Schroders plc

Schroders is a global asset management company with £300.0 billion (EUR386.6 billion/US$467.8 billion) under management as at 31 December 2014. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.

With one of the largest networks of offices of any dedicated asset management company, we operate from 37 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.

Further information about Schroders can be found at www.schroders.com.

Issued by Schroder Investment Management Ltd, which is authorised and regulated by the Financial Conduct Authority. For regular updates by e-mail please register online at www.schroders.com for our alerting service.

 

i The current AUM is €232 million as at 31.12.2014
ii Includes holdings of Real Estate Capital Partners and Schroders Multi-asset Funds in the Real Estate AUM