| Tue 17 Jan 2023, 9:00 | | SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC - Property Portfolio Valuation |
|
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
(“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 as at
31 December 2022:
- The direct property portfolio was independently valued at €211.5 million, reflecting a slight
like-for-like decrease over the quarter of -3.3%, or €7.2 million (see footnote 1 below). This
change was primarily driven by circa 25 basis points of outward yield movement, increasing the
portfolio net initial yield to 6.0%, which more than offset the positive impact of rental growth.
- With 100% of the portfolio leases subject to indexation, rising inflation is starting to contribute
to rental growth and will increasingly mitigate further value declines.
- Based on 31 December 2022 values and following the recent refinancing of the
Hamburg/Stuttgart loan, the portfolio loan-to-value (“LTV”) is approximately 32% based on
gross asset value and 22% net of cash.
- The Company is well positioned with significant cash reserves, with potential investable fire
power of up to approximately €50 million, including further gearing.
Footnote 1: In addition, the Company has a 50% interest in a joint venture in Seville which continues
to be recognised at nil interest
Enquiries:
Jeff O’Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Shilla Pindoria
Schroder Investment Management Limited Tel: 020 7658 6000
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
17 January 2023
JSE Sponsor
PSG Capital
Date: 17-01-2023 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
