SCHRODER EUROPEAN REIT PLC

Regulatory Filings • Apr 13, 2022

National Storage Mechanism | Additional information

RNS Number : 1593I

Schroder Eur Real Est Inv Trust PLC

13 April 2022

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 increaseof €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

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