Schroder Real Estate acquires St John's Retail Park in Bedford

Investment fund Schroder Real Estate Investment Trust (SREIT) has completed the acquisition of St John's Retail Park in Bedford for £31.8m.

In a statement released on Monday, the group said the price for the property, which contains a 130,000 square foot retail warehouse park let to 12 tenants and an adjoining 11,600 square foot office building, reflected a net initial yield of 6.5%.

"The acquisition follows the disposal of low or non-income producing property and results in SREIT being substantially invested with a fully covered dividend," said Duncan Owen, global head of real estate at Schroders.

SREIT shares were up 0.62% to 60.62p at 14:09 on Monday.