| Thu 13 Oct 2022, 14:03 | | 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
(“the Company”)
PROPERTY PORTFOLIO VALUATION
Schroder European Real Estate Investment Trust plc, 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 30 September 2022:
- The direct property portfolio was independently valued at €218.7 million, reflecting a marginal
like-for-like increase over the quarter of 0.1%, or €0.3 million. In addition, the Company has a
50% interest in a joint venture in Seville which continues to be recognised at nil interest.
- The majority of the portfolio’s valuation change was driven by:
o A new 7.5-year lease re-gear and HVAC system / renewable energy improvement
at the Houten industrial investment in the Netherlands, resulting in a valuation
increase of €1.2 million, or 16%; and
o Increased vacancy assumptions at the Paris Saint-Cloud office investment,
resulting in a valuation decrease of -€0.7 million, or -1.7%.
- With 100% of the portfolio leases subject to indexation, rising inflation is starting to contribute
to rental growth and is expected to mitigate value declines.
- 100% of rent due for the quarter ended 30 September 2022 has been collected from the direct
property portfolio.
- The Company has significant cash reserves, with potential investable fire power of up to
approximately €50 million, including further gearing.
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.
London
13 October 2022
JSE Sponsor
PSG Capital
Date: 13-10-2022 02:03:00
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