Schroders buys Metromar – Seville for €52.2M

The British real estate fund Schroders European Real Estate Trust have acquired the Metromar shopping centre in Seville from UBS Asset Management. 

This is their first operation in the Spanish market.  

The deal was completed for 52.2 million euros, implying a future annual yield of 6.2%from rental income, notes Spanish Real Estate. According to the agreement, Schroders take over directly 50% of Metromar, and the other 50% belongs to Europa Direkt, the Swiss investor for whom the British company are consultants. 

“Retail may well be key to economic recovery in Spain, thus this acquisition is a welcome addition to the portfolio, offering a significant diversification for the investors, in addition to increasing our yield per dividend, "  said Tony Smedley, Manager of Schroder European Real Estate Trust, quoted by the same source.  

Retail Partners, EY and Gleeds were consultants for th British management company for the purchase of Metromar. UBS were assisted by Cushman & Wakefield, Novasa and Ashurst.

The shopping centre has a GLA pf  more than 23,500m2, with well known brands such as Mercadona, Zara, Mango, Union Cines, Fosters Hollywood and Burgerking. Yola Camacho. Retail Capital Markets from Cushman & Wakefield, explained that this is a shopping centre , “With stable results over recent years, an excellent location in a residential zone and with a metro stop right by the entrance. We are very pleased to have found such a buyer for Metromar,” quotes D/A Retail. 

Since its 2015 launch, Schroders European Real Estate Trust, has based its operations in France and Germany with investments totalling 212 million euros in less than two years.