Schroder secures major lease renewal in Berlin ahead of ERV
Schroder European Real Estate Investment Trust PLC (JSE:SCD) announced that it has agreed to a 12-year lease regear with Hornbach, at its Berlin investment. Hornbach, publicly listed with a EUR 1.67 billion market cap, is the Company's second-largest tenant by income. The property consists of 16,800 sqm of lettable area on a four-acre site south of Berlin's city center. The triple net lease is subject to indexation and has been agreed ahead of the 31 December 2024 estimated rental value. This renewal extends the portfolio's weighted average lease expiry by 1.3 years, from 3.0 to 4.3 years.
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