Schroder Real Estate Investment Trust (SREIT) has let 47,944 sq ft of logistics space to DPD at Union Park Industrial Estate in Norwich.
The reconfigured space at 1-3a Twickenham Road has been let to the global parcel delivery and logistics provider following a £1.1m refurbishment to combine, refurbish and enhance the sustainability credentials of four units, improving the EPC rating to an A from C and D ratings.
The rent of £407,950 per annum, or £8.51/sq ft, is 15% ahead of the 30 June 2026 ERV and 59% ahead of the pre-refurbishment passing rent.
Since its last trading update on 5 August 2026, the company has completed nine lettings of vacant units across its enlarged portfolio, which includes assets acquired through the purchase of Picton, adding £1.2m of rent per annum, 11% ahead of the 30 June 2026 ERV. In addition, terms have been agreed on 62,500 sq ft of vacant space, which would generate an additional £1.1m of rent per annum if completed.
Peter Lowe, fund manager at SREIT, said: “These lettings demonstrate the encouraging occupier dynamic we are seeing across the combined portfolio, which is accompanied by a strong focus on extracting cost synergies. Alongside continuing to improve the portfolio vacancy, we are also pursuing capital recycling opportunities to further enhance shareholder returns.”
