SCHRODER EUROPEAN REIT PLC

Net Asset Value • Oct 13, 2022

National Storage Mechanism | Additional information

RNS Number : 8211C

Schroder Eur Real Est Inv Trust PLC

13 October 2022

13 October 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 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%;

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

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