Schroder Euro Real - Property Portfolio Valuation

Schroder European Real Estate Investment Trust

13/10/2022 13:00

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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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