SCHRODER EUROPEAN REIT PLC

Regulatory Filings • Jul 26, 2021

National Storage Mechanism | Additional information

RNS Number : 3460G

Schroder Eur Real Est Inv Trust PLC

26 July 2021

26 July 2021

RENT COLLECTION AND PROPERTY PORTFOLIO VALUATION UPDATE

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 rent collection, alongside an independent valuation of the property portfolio as at 30 June 2021.

-     Approximately 94% of rent due for the quarter ended 30 June 2021 has been collected, which is ahead of the amount collected in the previous two quarters of 92%

-     As at 30 June 2021, the property portfolio was independently valued at €204.7 million, an increase of 0.9%, or €1.8 million, on the 31 March 2021 valuation of €202.9 million. Excluding the 50% interest in Metromar Seville, which has now been reflected at nil in the balance sheet, the portfolio increased in value by €2.3 million, or 1.2%

-     The valuation increase over the quarter was primarily driven by:

o  Full occupation, an improved yield re-rating and ERV growth at the Hamburg office investment, delivering a valuation increase of €1.9 million, or 9.5%

o  Improved ERV growth at the Stuttgart office investment, delivering a valuation increase of €1.0 million, or 5.4%

-     The Company has an aggregated loan to value ratio of approximately 29% (gross of cash) as at 30 June 2021, with no recourse to the Company and no debt maturity before 2023

-     The Company continues to review, and is in various stages of the acquisition process regarding, new investments that will diversify and strengthen its exposure to growth cities and regions. This follows last month's signing of a €6.15 million logistics investment in Nantes, France reflecting a net initial yield of 5.5% and an unexpired lease term of approximately 7 years.

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

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