| Wed 13 Apr 2022, 8:00 | | SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC - Property Portfolio Valuation |
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Property Portfolio Valuation
Schroder European Real Estate Investment Trust PLC
(Incorporated in England and Wales)
Registration number: 09382477
JSE Share Code: SCD
LSE Ticker: SERE
ISIN number: GB00BY7R8K77
13 April 2022
PROPERTY PORTFOLIO VALUATION
Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the
company investing in real estate in European growth cities, today provides an update on
the independent valuation of the property portfolio and rent collection as at
31 March 2022:
- The direct property portfolio was independently valued at €211.0 million, reflecting
a like for like increase over the quarter of 1.9%, or €3.93 million. In addition, the
Company has a 50% interest in a joint venture in Seville which continues to be
recognised at nil interest.
- The valuation increase over the quarter was driven by yield compression and
indexation achieved across select office and logistics assets. With 100% of the
portfolio leases subject to indexation, rising inflation is starting to contribute to
rental growth.
- The portfolio valuation uplift attributable to yield compression was primarily driven
by:
- Improved yield re-rating at the Rennes logistics investment, delivering a valuation
increase of €1.4 million, or 7.1%
- Improved yield re-rating at the Hamburg office investment, delivering a valuation
increase of €1.1 million, or 4.5%
- Improved yield re-rating at the Nantes logistics investment, delivering a valuation
increase of €0.4 million, or 6.5%
- Improved yield re-rating at the Rumilly logistics investment, delivering a valuation
increase of €0.4 million, or 4.0%
- Approximately 96% of rent due for the quarter ended 31 March 2022 has been
collected.
Enquiries:
Jeff O’Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Ria Vavakis
Schroder Investment Management Limited Tel: 020 7658 2371
Dido Laurimore/Richard Gotla/Ollie Parsons
FTI Consulting Tel: 020 3727 1000
The Company has a primary listing on the London Stock Exchange and a secondary
listing on the JSE Limited.
JSE Sponsor:
PSG Capital
Date: 13-04-2022 08:00:00
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