Source - SMW
Schroder European Real Estate Investment Trust said it had agreed terms for City BKK to surrender its lease at a Hamburg office asset in Germany in return for a cash payment of €3.9m.

The payment represented 4.7 years of annual rental income from City BKK.

The company said the agreement gave it the opportunity to re-position the property, re-leasing the space into a strengthening office sub-market and diversifying the property's income profile.