REG - Schroder Euro Real - Share buyback programme

Schroder European Real Estate Investment TrustAnnouncement

17/01/2025 07:00

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RNS Number : 6575T  Schroder Eur Real Est Inv Trust PLC  17 January 2025

17 January 2025

 

SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC

("SEREIT" or the "Company" and, together with its subsidiaries, the "Group")

 

Share buyback programme

 

Schroder European Real Estate Investment Trust Plc, the company investing in
European growth cities, announces that it has entered into a discretionary
agreement with Panmure Liberum Limited ("Panmure Liberum") to act as its
broker to commence market purchases of its Ordinary Shares (the "Buyback
Programme").

 

As of 30 September 2024, the Company holds approximately €25 million in
cash, with a net loan-to-value ratio of around 25.0%. The upcoming sale of the
Frankfurt grocery investment, scheduled for completion on 31 March 2025 is
anticipated to elevate cash reserves to approximately €28 million and
decrease net loan-to-value to about 21%. Given this robust financial standing,
the Board and Investment Manager believe that purchasing the Company's
Ordinary Shares at the current price, which reflects a discount to net asset
value, presents an attractive opportunity for shareholders. Consequently, the
Company plans to launch the Buyback Programme utilising its own cash
resources. In conjunction with this initiative, the focus will remain on
enhancing the portfolio's income and asset quality through proactive asset
management.

 

The Buyback Programme will be conducted under the authority granted at the
Company's annual general meeting held on 18 March 2024, permitting the
repurchase of up to 20,046,829 of its Ordinary Shares (the total outstanding
shareholder authority). This authority is valid until the next annual general
meeting, at which the Company will seek to renew this authority.

 

The Buyback Programme will be conducted in compliance with Chapter 12 of the
Financial Conduct Authority's UK Listing Rules and with certain pre-set
parameters including as to price and volume prescribed by the Market Abuse
Regulation 596/2014 and the MAR buyback technical standards (Commission
Delegated Regulation (EU) 2016/1052) (the "Technical Standards"), both of
which form part of Retained EU law (as defined in the UK's European Union
(Withdrawal) Act 2018) and the Market Abuse (Amendment) (EU Exit) Regulations
2019).

 

While the Company has not established a maximum payment for the Ordinary
Shares, it cannot purchase Ordinary Shares under the Buyback Programme at a
price that exceeds the net asset value of those shares.

 

Any repurchase of Ordinary Shares will be announced no later than 7:30 a.m. on
the business day following the day on which the repurchase occurred.

 

 

Enquiries:

Jeff O'Dwyer

Schroder Real Estate Investment Management Limited       Tel: 020 7658 6000

Natalia de Sousa

Schroder Investment Management Limited                        Tel:
020 7658 6000

Dido Laurimore/Richard Gotla/Ollie Parsons
 

FTI Consulting
                       Tel: 020 3727 1000
 
 

 

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