Mon, 02 Apr 2012 | COMMERCIAL PROPERTY
A building owned by Schroders' real estate investment trust (Reit) has been sold in a bid to help the group cut its debts.
The BT office, based in West Bromwich, was first acquired in October of last year for £14.8 million. Now, the Reit has sold the building for £19.5 million and used some of the proceeds to reduce its debts by around £10 million, the Financial Times Adviser reported.
The trust now has a total cash balance of £37.2 million and stated that it will make the debt repayment later this month, saving it in the region of £530,000 a year in loan interest payments, as well as serving to “enhance dividend cover and improve the company's refinancing prospects”.
Last month (March), Schroders acquired two additional commercial properties in Sweden for a sale price of €36 million.
The group made the strategic move due to the strong economic forecasts for the Nordic countries, which have the relatively low government debt and balanced finances of countries such as Sweden and Finland compared to other European countries that are still facing difficulties with growing budget deficits.
Operating internationally, the company offers the development, hosting, and maintenance of electronic document management software. The business provides maintenance contracts, licences, installation, and training for its software.
This well-established business excels in resin floor installation and repairs, alongside additional services like stainless steel drainage installations, catering to diverse sectors including engineering, aerospace, and healthcare across South West E...
The companies supply an array of gases to suit various applications, with the group’s offering comprising all types of argon, oxygen, acetylene, nitrogen, carbon dioxide, refrigerant gases, propane and butane.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.