Schroder REIT strikes new leasing deals

Schroder Real Estate Investment Trust has agreed 13 new lettings, renewals and reviews since 30 June. The Ministry of Housing, Communities and Local Government has signed a new three-year lease at Coverdale House in Leeds for a 17,578 sq ft family court. This comes in at £15 per sq ft and equates to £281,670 per annum, a 6% increase on the previous passing rent of £265,000. Nine lettings, renewals and reviews have been completed across the REIT’s industrial estates in Milton Keynes, Leeds and Norwich, which equates to annual rent of £360,000 and additional rental income of £180,000. The deals include a new 10-year lease to Goodman Precision Engineering for two units totalling 10,861 sq ft at £7.50 per sq ft at Stacey Bushes Industrial Estate in Milton Keynes, and a 10-year lease renewal with the Saab Centre, also at Stacey Bushes Industrial Estate. Schroder has also given a rent collection update for the period between June 2020 and 30 September 2020. The REIT has collected 82% of contracted rent and is in “active dialogue” with tenants due to pay outstanding rent. To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette