Sereit nears its investment target
Company buys a shopping centre in Seville, Spain, in a joint venture worth about €52.5m in its first deal in the country
Schroder European Real Estate (Sereit), which invests in high-growth European cities is close to reaching the full investment target it made when it listed on the JSE in December 2015. Sereit fund manager Tony Smedley said the company still had €30m left to invest, meaning it was nearing its full investment target. That followed after its initial public offering in December 2015 and subsequent equity placements. It had invested €209m since it listed. Sereit reported an interim profit of €4.2m for the six months to March. Its net asset value provided a total return of 2.5% on the previous period, which ended on September 30 2016. During the period, the company also bought an office building in Paris for €30m. The investment is expected to yield income of 9.5%. The company said its portfolio was now valued at 6.7% above its purchase price. Sereit declared a dividend of 2.2 euro cents per share, a 29% increase on the previous half-year period. Active investment has enabled the company ...
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