Schroder ImmoPLUS acquires DIY retail portfolio in Switzerland
Schroder Real Estate (Schroders) completed the purchase of a portfolio of DIY retail properties on behalf of its listed Schroder ImmoPLUS fund. The property portfolio will take total assets in ImmoPLUS to approximately CHF1.5 billion and is consistent with the growth strategy in place for the fund.
The portfolio, which was purchased in a share deal from a fund managed by Rockspring Property Investment Managers LLP, comprises three dominant stores in Lucerne, Villeneuve and Etoy, providing total retail space of 55,000 sqm. The assets are fully let to Hornbach Baumarkt (Schweiz) AG, a subsidiary of the Hornbach Baumarkt AG, one of the largest DIY store operators in Europe. Constructed in 2003 and 2004, the portfolio is well located in areas with above average growth potential close to Lucerne and in the Lake Geneva region. The assets are let on average lease durations of 15 years and provide ImmoPLUS with a secure, long-term cash-flow of almost CHF 6 million p.a..
Roger Hennig, Fund manager of the ImmoPLUS fund said:
“This is a significant acquisition for ImmoPLUS and will be accretive to investment performance. It represents a logical continuation of the fund’s strategy to diversify its existing portfolio of attractive, centrally located office and retail properties, with investments in complementary commercial uses with long-term secured income streams and first class tenants This acquisition will continue to build upon the strong performance track record of the fund as well as supporting growth of the fund’s net operating income.”
Schroders was advised on the purchase by Baker & McKenzie Zurich, KPMG AG Zurich and Wüest Partner.
For further information, please contact:
- Béatrice Hirzel Corte, Head of Communications Switzerland +41 (0) 44 250 12 14
- Roger Hennig, Head of Real Estate Switzerland +41 (0) 44 250 12 91
- Robert A. Varley, Product Manager, Swiss & European Real Estate +41 (0) 44 250 12 25
The Schroder ImmoPLUS is a significant part of Schroders Real Estate's active management style of property portfolios. The fund was launched in 1997 and is listed on the Zurich stock exchange. It invests in high-quality commercial properties with an attractive risk-return profile. Holdings include offices, retail properties, hotels and senior living homes as well as logistics properties.
Schroder Real Estate
Schroders has managed real estate funds since 1971 and currently has €13.7 billion1 of gross real estate assets under management as at 30 September 2016. 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’ property business visit www.schroders.com/realestate
Schroders is a global asset management company with €433.5 under management as at 30 September 2016. 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
1 Includes holdings of Real Estate Capital Partners and Schroders Multi-asset Funds in the Real Estate AUM