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Share Name Share Symbol Market Type Share ISIN Share Description
Schroder European Real Estate Investment Trust Plc LSE:SERE London Ordinary Share GB00BY7R8K77 ORD GBP0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.20 -0.27% 72.60 70.00 72.60 73.80 70.20 70.20 107,568 16:28:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.9 9.7 5.0 14.4 97

Schroder European Real E... Share Discussion Threads

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DateSubjectAuthorDiscuss
28/5/2020
19:35
Business update - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/business-update/202005280700031228O/ Schroder European Real Estate Investment Trust plc ("SEREIT"/the "Company"/"Group"), the company investing in European growth cities, provides a further business update in light of the COVID-19 pandemic and prior to the announcement of its half year results expected to be published towards the end of June 2020. The Company continues to benefit from the diversification of its portfolio which comprises 13 assets, located in the growth cities and regions of Continental Europe. The portfolio has approximately 100 tenants across a range of sectors and benefits from being well balanced with approximately 75% in the office and industrial/data centre sectors, in cities including Paris, Berlin, Frankfurt, Hamburg and Stuttgart. Jeff O'Dwyer, Fund Manager, Schroder REIM, commented: "Already we are seeing the easing of lockdown measures across the geographies that we operate in positively impacting on the portfolio. We are taking a methodical approach to asset management, working closely with all our tenants to ensure we have a clear pathway to income visibility, whilst taking measures to protect the long-term interests of our shareholders." Rent collection As at the close of business on 20 May 2020, the Company had received payments on 83% of monthly rents in respect of April and May 2020. The analysis between sectors for rent collection over April and May is as follows: 98% of office; 84% of industrial/data centre use; and 57% of retail and leisure. We continue to work closely with a number of tenants to agree payment plans/rent deferral and or amendments to lease terms. Portfolio update Retail represents 25% of the portfolio, of which 15% is invested in a Lidl supermarket in Frankfurt and a Hornbach DIY unit in Berlin, both of which have remained open for trade throughout. The Metromar Centre in Seville is the sole shopping centre in the portfolio and represents 10% of the portfolio by value. The centre partly re-opened on 25 May 2020 and the Company is implementing a plan and working with tenants to establish on-going trading positions. The strategy is also focused on working with centre management and tenants to create a safe environment for tenants and consumers. The Company also continues to progress the previously announced refurbishment of its largest investment in Paris which is leased to engineering and technology consulting specialist, Alten. There will be further updates as we progress matters. Dividend As previously announced, the Board will continue to consider carefully future dividend payments, which are under review in light of the short term cash position, in conjunction with longer term sustainable income generated from the portfolio. This will be monitored and a decision will be taken as clarity improves around the economic backdrop.
speedsgh
18/4/2020
23:17
Anyone know why the decline on Friday ?
rjmahan
05/3/2020
07:49
NAV and Dividend - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/nav-and-dividend/202003050700030475F/ Portfolio valuation gain underpins NAV uplift Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today announces its unaudited net asset value ("NAV") for 31 December 2019, together with its first interim dividend for the year ending 30 September 2020: - Unaudited NAV as at 31 December 2019 of €184.0 million or 137.6 cents per share, an uplift of 1.0% over the quarter; - NAV total return of 2.4% over the quarter and 5.9% over the last 12 months; - Portfolio valuation, net of capex, increased by 1.1% over the quarter to €246.3 million; - A first interim dividend of 1.85 euro cents per share will be paid for the year ending 30 September 2020, in line with the target dividend stated at IPO of an annualised rate of 5.5% on the IPO issue price; - Significant asset management successes, including: · In Hamburg, the Company has secured a new tenant on a five year lease, for an additional 670 sqm of space; and · Lease renewals agreed with two existing tenants at St Cloud, Paris, covering 3,150 sqm of floor space, at rents above the previous level paid. Jeff O'Dwyer, of Schroder Real Estate Investment Management Limited, commented: "Our strategy of investing in a diversified real estate portfolio in winning cities such as Paris, Berlin, Hamburg and Frankfurt has again supported an uplift in NAV and portfolio valuation and a stable and attractive dividend. We are making good progress on the planning, design and financing for the re-development of our largest asset in Boulogne-Billancourt, Paris. Successful completion will deliver profitable growth for the Company and will improve the building's sustainability credentials and income quality." Interim dividend The first interim dividend of 1.85 euro cents per share for the year ending 30 September 2020 represents an annualised rate of 5.5% based on the Euro IPO issue price of 137 euro cents per share. This is in line with the Company's target dividend, which is based on paying a dividend based on the longer term sustainable rental income expected to be generated from the portfolio. Based on the GBP IPO issue price of 100 pence per share the annualised yield is 6.4% (based on FX rates as at 31 December 2019. The dividend is 88% covered from income received during the quarter. As previously noted, we expect dividend cover to reduce whilst we undertake asset management activity across the portfolio, the most significant of which is the refurbishment of our Paris office property Boulogne-Billancourt. These initiatives are expected to improve the longer term income profile of the Company and its dividend cover. The interim dividend payment will be made on Tuesday, 14 April 2020 to shareholders on the register on the record date of Friday, 27 March 2020. In South Africa, the last day to trade will be Tuesday, 24 March 2020 and the ex-dividend date will be Wednesday, 25 March 2020. In the UK, the last day to trade will be Wednesday, 25 March 2020 and the ex-dividend date will be Thursday, 26 March 2020.
speedsgh
24/2/2020
11:16
Holding up surprisingly well today. Sold mine this morning. Don't like the likely knock-on effects of the Italian Covid-19 outbreak. I suspect the fragile European economy will be pushed into recession, the euro will decline and I am increasingly concerned about European banks. Just IMHO of course! And basically hardly anyone reads this thread so not trying to influence anyone else.
hiddendepths
12/12/2019
16:06
Slowdown in European retail weighs on Schroder Reit - HTTPS://citywire.co.uk/investment-trust-insider/news/slowdown-in-european-retail-weighs-on-schroder-reit/a1303519 The slump on UK high streets has been exported into Europe, as Schroder European Real Estate (SERE) investment trust is held back by some of its underperforming retail assets. Annual results from the £150 million European commercial property portfolio showed a tougher 12 months than last year with a 4.1% increase in net asset value (NAV) including dividends the year to 30 September, compared to 7.5% in 2017/18. The total return was dampened by transaction fees and restructuring costs over the year. Profit slid from €13.2 million in 2018 to €7.4 million and EPRA earnings dipped to €10.5 million from €10.8 million the previous year, although this was enough to cover total dividends of 7.4 cents by 107%. SERE pays quarterly dividends and yields 5.5%. The investment trust has repositioned over the past 18 months, diversifying its portfolio to include industrial and logistics assets, which have gone from zero to 20%. However, it has not managed to avoid the retail slowdown, reporting demand for retail space in Europe was ‘weak’ as retailers adapted to the shift online by shoppers. ‘While total retail sales in France and Germany could grow by 2-3% in 2019, store sales are likely to shrink,’ said SERE. ‘Several retailers have failed, and even successful retailers like (Zara owner) Inditex have closed more stores than they have opened over the last 12 months and used the weakness of the sector to renegotiate lease terms.’ The most affected part of retail has been general shopping centres, as ‘hypermarkets have cut their non-food sales areas and clothing retailers have contracted’ leaving more empty shops in city centres. This is bad news for SERE’s Metromar shopping centre in Seville, which has been the main detractor of performance, with its valuation falling 7.8% over the past 12 months. Metromar has been ‘negatively impacted with increased vacancy’ and ‘we therefore remain constantly vigilant in our management of the asset and are actively reviewing new occupiers and marketing of the centre’, said the trust. However, the outlook for European retail does not look bright and SERE predicts that rents in prime shopping centres ‘will fall in most European cities over the next three years and that prime shop rents will stagnate’. The managers of SERE said that the eurozone was currently a ‘two-speed economy’, with a slowdown in manufacturing and growth in the services sector being supported by solid labour markets, rising consumption, and government spending. ‘The risk is that the downturn in manufacturing deepens, possibly because of a disruptive Brexit or a further escalation of the trade dispute and then spreads to the services sector,’ said the trust. Although manufacturing is causing concern, demand for warehouses in Europe remains strong thanks to online retailers expanding and traditional retailers taking on more space in order to support their growing online sales. Growth has been matched by supply, but SERE said the shortage of land in major cities has pushed companies to use warehouses in well-connected smaller cities. ‘As a result, rental growth in the logistics market has been limited to around 2% per annum, although some smaller warehouses, which are used for last-mile deliveries in cities and where supply is more constrained, have seen stronger rental growth,’ said the trust. Having seen its discount narrow this year SERE stands 0.7% below its latest NAV, which makes it slightly better value to Aberdeen Standard European Logistics (ASLI), on a 2% premium. In a quarterly update it indicated it could look to expand with a new share issue having deployed most of the money raised in its flotation two years ago.
speedsgh
11/12/2019
14:42
DIVIDEND The Company has declared a fourth interim dividend in respect of the year ended 30 September 2019 of 1.85 euro cents per share payable on 27 January 2020 to shareholders on the register on 10 January 2020. The total dividends in respect of the year amount to 7.4 euro cents per share. The latest declared dividend represents an annualised rate of 5.5% based on the euro equivalent of the issue price at admission, again achieving the target dividend stated at IPO. Based on the Euro: GBP exchange rate and GBP share price as at 30 September 2019, this equates to an annualised dividend yield of 5.9%. The dividends in respect of the year are approximately 107% covered from net income from the portfolio. Dividend cover over the next two years is expected to be reduced whilst the refurbishment of the Paris Boulogne-Billancourt office investment is completed. However, this project will be accretive to NAV and will improve the longer term income profile and dividend cover of the Company, with a new 10 year lease to a strong tenant being agreed in return for the refurbishment. In implementing the dividend strategy going forward, the Board will consider the shorter term cash generation of the Company, alongside the longer term sustainable rental income from the portfolio. OUTLOOK Initiatives such as the Paris Boulogne-Billancourt refurbishment and lease regear demonstrate the potential to generate strong shareholder returns from our strategy of focusing on Winning European Cities and active asset management by local teams. Having a diverse portfolio of properties and tenants presents other asset management opportunities to improve value and income. Equally, it also provides defensive attributes if certain sectors or markets come under pressure, for example the exposure to the retail sector in the Seville shopping centre. Alongside the quality of the portfolio, execution of asset management initiatives such as improving the occupancy of the Hamburg and Seville assets will also reduce portfolio risk. This will position the Company well to deliver on our long-term growth ambitions.
speedsgh
11/12/2019
14:39
FULL YEAR RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2019 - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/annual-financial-report/201912090700071155W/ Operational highlights - Agreed a conditional new long-term lease and capex programme at the Group's largest asset, Boulogne-Billancourt office in Paris, providing future potential capital value and income upside - Portfolio allocation to higher growth logistics sector increased to 20% (30 Sept 2018: 13%) with the acquisition of a French logistics asset for €18.2 million - Underlying property portfolio total return of 7.7% (excluding the impact of transaction costs) (30 September 2018: 10.8%) - 100% of the portfolio's 13 institutional grade properties located in cities and regions of Continental Europe that are in the top two quartiles of forecast economic growth - Portfolio valued at €242.7 million (on a proportionally consolidated basis), reflecting an uplift of approximately 9.0% on purchase price - Conclusion of 18 new leases and re-gears with a total annual rental income of €1.6 million, generating a c.2% increase in annualised income on a like-for-like basis and secured at a weighted lease term of c.9 years. The overall unexpired lease term across the portfolio is 5.0 years to first break and 6.4 years to expiry - Achieved a Global Real Estate Sustainability Benchmark ('GRESB') Green Star for 2019 Financial highlights - Net Asset Value ("NAV") of €182.1 million or 136.2 cps (30 September 2018: €182.1 million / 136.2 cps) - Total dividends declared of 7.4 cps, in line with target of 5.5% annualised yield against the Euro IPO issue price - EPRA earnings of €10.5 million (30 September 2018: €10.8 million), resulting in dividend cover of 107% (30 September 2018: 109%) - Profit for the year of €7.4 million (30 September 2018: €13.2 million), predominantly reflecting lower valuation gains on investment properties - NAV total return of 4.1% (30 September 2018: 7.5%), reflecting the impact of acquisition costs and one-off tax restructuring costs - Loan to value ('LTV') of 29% (30 September 2018: 26%) at a weighted average total interest rate of 1.4%. Additional loans completed post period take the LTV to 31%. Commenting, Sir Julian Berney, Chairman of the Board, said: "2019 has been an important year in positioning SEREIT to deliver long-term income and capital growth. Our increasingly diversified portfolio by sector, geography and tenant has underpinned a period of stable financial and operational performance, supporting the delivery of the attractive and well covered dividend, whilst also improving the Company's defensive characteristics. At the same time, initiatives such as the Paris Boulogne-Billancourt refurbishment and lease regear demonstrate the potential to generate strong shareholder returns from our strategy of focusing on Winning European Cities, where all 13 of the Group's assets are situated." Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, added: "Property markets in our target cities are performing well. Whilst there are pockets of weakness, such as in the retail shopping centre sector, our limited exposure to underperforming parts of the market and balanced portfolio helps mitigate us against these. Alongside progressing the Paris redevelopment and other initiatives to further improve our income profile, the ambition for 2020 is that we will grow the portfolio via new acquisitions in our target Winning cities, benefitting from both the macro trends supporting attractive real estate returns, as well as the Company's extensive local market expertise."
speedsgh
14/11/2019
10:11
Robust growth maintained in Europe’s commercial real estate markets - HTTP://www.commercialnewsmedia.com/archives/95149
speedsgh
30/10/2019
11:09
New lettings and increase to debt facility - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/new-lettings-and-increase-to-debt-facility/201910300700025312R/ Schroder European Real Estate Investment Trust Plc ("SERE" or the "Company"), the company investing in European growth cities, announces it has completed three new lease agreements at its Saint-Cloud office investment in Paris. It has also increased the debt facility secured against the asset by €4 million, taking the total loan to €17 million, with the proceeds being used to fund the ongoing portfolio-wide capital expenditure programme. Asset management Totaling c. 3,720 sqm of space, the new lease agreements will generate €0.8 million of annual rental income. Details of the individual transactions are as follows: · A lease extension and floorspace expansion with existing occupier Outscale, the cloud operating system company, taking its occupancy from c. 1,695 sqm to c. 2,600 sqm. The six year fixed term lease commences in April 2020, at a rent of €0.6 million p.a., reflecting an uplift of €0.25 million on the previous agreement; · A new three year lease with Ascott Informatique, an IT company, for 850 sqm, commencing September 2019, at a rent of €0.17 million p.a.; and · A new 12 year lease with a government body for c. 270 sqm of storage accommodation, at a rent of €22,000 p.a. Acquired in February 2017 for approximately €30 million, the 15,800 sqm office building, in Ile de France, Western Paris, is around 90% let to 11 tenants and is valued at €37.9 million (as at 30 September 2019). Increased debt facility The Company has also completed a €4 million increase to its existing debt facility secured against the asset, with Banque Populaire, taking the total loan to €17 million. The loan represents an LTV of 45% against the value of the property. The loan matures in December 2024 and has a margin of 1.33% above the 3 month Euribor rate. With Euribor currently negative, it is applied at zero, resulting in a current total all-in interest cost of 1.33% p.a. The Company has acquired an interest rate cap to limit the maximum future potential interest cost if Euribor were to increase, to an all-in rate of 2.6% p.a. The loan proceeds will be used to fund capital expenditure across the portfolio. This will include preliminary works at the Company's other Paris office investment, Boulogne-Billancourt, where a conditional agreement for a long term lease has now been signed with the existing tenant Alten, effective on completion of a comprehensive refurbishment of the building. The Company is progressing with planning and detailed design work for this refurbishment, with an expectation of starting the full works program in H1 2020. Once complete, the project will enhance the building quality and income profile of the portfolio and has the potential to deliver attractive development profits. Following the loan increase, the Company has total outstanding debt of €77 million across six facilities, representing an LTV of just under 30% against the overall gross asset value of the Company. The current blended all-in interest rate is 1.4%, substantially below the portfolio net initial yield against current valuation of c. 6.2%. The Company expects to take further gearing to fund the Paris Boulogne-Billancourt refurbishment project, which would take overall gearing to circa 35% LTV. Jeff O'Dwyer, of Schroder Real Estate Investment Management Limited, commented: "We continue to make good progress with our asset management programme, demonstrating the ongoing demand from a diverse range of occupiers for space in our properties. The transformational redevelopment of Boulogne-Billancourt remains on track and we look forward to providing the market with further updates in due course."
speedsgh
10/9/2019
12:16
From report there is steady progress :- "During the period the Company completed two asset management initiatives: -- At its Paris office investment Boulogne-Billancourt, the Company has signed heads of terms for a conditional long term lease commitment with existing tenant Alten in conjunction with the advancement of feasibility, design and planning to refurbish the building to grade A standard. If concluded, it has the potential to be accretive to the company, delivering both NAV return upside and improving the longer-term income and portfolio profile. The construction period is forecast to take 15-18 months and Alten will relocate during that period. Whilst a number of options are being considered, it is likely that the Company will fund this project using debt, which would take the overall gearing level to circa 35% LTV, which is within the Company's gearing target. -- In Hamburg, the Company has secured a new tenant on a seven year lease, for an additional 640 sqm of space. It follows the completion of two new leases with tenants in the education and IT sectors for over c. 40% of space announced in the Half Year results, all achieved above target. Advanced discussions are ongoing for a further floor, which will leave three floors, equating to c. 2,000 sqm or 27% of property by ERV, remaining to be leased. "
red ninja
10/9/2019
09:20
Announcement of NAV and dividend - HTTPS://www.investegate.co.uk/schroder-euro-real/rns/announcement-of-nav-and-dividend/201909100700027192L/ Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today announces its unaudited net asset value ("NAV") for 30 June 2019, together with its third interim dividend for the year ending 30 September 2019: - Unaudited NAV as at 30 June 2019 of €183.3 million or 137.1 cents per share; an uplift of 0.3% over the quarter; - NAV total return of 1.7% over the quarter; - A third interim dividend of 1.85 euro cents per share will be paid for year ending 30 September 2019, in-line with the target dividend stated at IPO of an annualised rate of 5.5% on the IPO issue price and approximately 6.0% as of 6 September 2019 based on the closing share price. Jeff O'Dwyer, of Schroder Real Estate Investment Management Limited, added: "Our focus continues to be on delivering an asset management programme that will further strengthen the income, portfolio diversity and shareholder returns. For example, the pre-let redevelopment at the Paris office, Boulogne-Billancourt, will be transformational for the Company. The high quality portfolio and diversified geography, tenant and sector profile means the Company is well positioned across the strongest cities in Continental Europe."... INTERIM DIVIDEND The third interim dividend of 1.85 euro cents per share for the year ending 30 September 2019 represents an annualised rate of 5.5% based on the Euro IPO issue price of 137 euro cents per share. This is in line with the Company's target dividend, which is based on paying a sustainable dividend based on the annualised income expected to be generated from the portfolio. Based on the GBP IPO issue price of 100 pence per share the annualised yield is 6.8% (based on FX rates as at 30 June 2019). The dividend is 100% covered from income received during the quarter. Dividends for the first nine months of the financial year are 106% covered from net income received. The interim dividend payment will be made on Monday, 21 October 2019 to shareholders on the register on the record date of Friday, 4 October 2019. In South Africa, the last day to trade will be Tuesday, 1 October 2019 and the ex-dividend date will be Wednesday, 2 October 2019. In the UK, the last day to trade will be Wednesday, 2 October 2019 and the ex-dividend date will be Thursday, 3 October 2019...
speedsgh
19/6/2019
08:51
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2019 - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/half-year-report/201906180700075349C/ Financial highlights ‒ Net Asset Value ('NAV') of €182.8 million or 136.7 cps (30 September: €182.1 million or 136.2 cps), an increase over the period of 0.4% ‒ NAV total return of 1.7% (31 March 2018: 6.1%) ‒ Underlying EPRA earnings of €5.4 million (31 March 2018: €6.5 million) ‒ Profit for the six months of €3.2 million (31 March 2018: €10.8 million, which included a number of one-off gains) ‒ Total dividends declared relating to the six months of 3.7 cps, in-line with target of 5.5% annualised yield against the euro IPO issue price ‒ Dividend cover of 108% (31 March 2018: 100%) ‒ Loan to value ('LTV') of 28% (30 September 2018: 26%) at a weighted average total interest rate of 1.4% Operational highlights ‒ 100% of the portfolio's 13 institutional grade properties located in the fastest growing cities and regions of Continental Europe ‒ Improved portfolio diversification, increasing exposure to higher growth logistics warehouse sector from 13% to 19% (31 March 2018: 0%) ‒ Maintained high portfolio occupancy of almost 100%, with a 6.5 years average lease term to expiry ‒ Ongoing execution of asset management initiatives across the portfolio: o Agreed conditional heads of terms (post period end) for a new long-term lease and capex programme with current tenant Alten, for 6,800 sqm, at the Boulogne-Billancourt office investment in Paris o Completion of €0.8 million refurbishment program at the Metromar Shopping Centre in Seville to improve centre vibrancy and visitor appeal o Completed two new leases with tenants in the education and IT sectors for over c. 40% of space in Hamburg, at rents above business strategy. Detailed discussions ongoing for a further two floors, representing an additional c. 25% of space ‒ Current portfolio valued at €240 million* reflecting an uplift of approximately 7.8% on purchase price, with transaction costs now fully recovered through valuation uplifts since acquisition ‒ Underlying property portfolio total return of 3.5% over six months (excluding the impact from transaction costs) * Includes the Group's share of the Seville property proportionally valued at €26.4 million. Commenting, Sir Julian Berney, Chairman of the Board, said: "This has been an active six month period for the Company which has seen us make important progress, improving the long-term income profile of the Company and increasing our exposure to higher growth regions and sectors. The Company has an exciting asset management opportunity to invest into its Paris Boulogne-Billancourt office investment, potentially delivering growth in rental income and capital value and improving the quality and defensive characteristics of the portfolio. This is a good example of how our investment strategy of targeting assets with strong property fundamentals in European Winning Cities provides opportunities for growth." Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, added: "The recent French logistics acquisition is further evidence of our focus on assembling a diversified portfolio in winning cities and regions across continental Europe. The Company now has c. 20% of its assets in industrial warehousing, up from 0% twelve months ago. The majority of European real estate markets are performing well, particularly in Berlin, Frankfurt, Hamburg, Stuttgart and Paris, those cities where the Company has the majority of its exposure. We continue to focus on delivering our asset management programme and the optimal financing structure for this, in order to strengthen the income and portfolio profile, and support our ambition to grow the size of the Company."
speedsgh
19/6/2019
08:42
SECOND INTERIM DIVIDEND - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/second-interim-dividend/201906180701045350C/ Schroder European Real Estate Investment Trust plc (the "Company") announces its second interim dividend for the year ending 30 September 2019 of 1.85 euro cents per share. The interim dividend payment will be made on Monday, 22 July 2019 to shareholders on the register on the record date of Friday, 5 July 2019. In South Africa, the last day to trade will be Tuesday, 2 July 2019 and the ex-dividend date will be Wednesday, 3 July 2019. In the UK, the last day to trade will be Wednesday, 3 July 2019 and the ex-dividend date will be Thursday, 4 July 2019. The interim dividend will be paid in sterling to shareholders on the UK register and rand to shareholders on the South African register. The exchange rate for determining the interim dividend paid in rand will be confirmed by way of an announcement on Monday, 24 June 2019. UK shareholders are able to make an election to receive dividends in euro. The form for applying for such election can be obtained from the Company's UK registrars (Equiniti Limited) and any such election must be received by the Company no later than Friday, 5 July 2019. The exchange rate for determining the interim dividend paid in sterling will be confirmed following the election cut off date by way of an announcement on Monday, 8 July 2019...
speedsgh
01/4/2019
15:29
NOTICE OF DIVIDEND CURRENCY EXCHANGE RATE (STERLING) - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-currency-echange-rate/201904011230016934U/ On 7 March 2019, Schroder European Real Estate Investment Trust plc (the "Company") announced its first interim dividend for the year ending 30 September 2019 of 1.85 euro cents per share... Declared dividend - 1.85 euro cents per share Exchange rate - 0.85940 Dividend to be paid for those receiving dividends in sterling - 1.58989 pence per share The dividend will be paid on 12 April 2019 to shareholders who were on the register at the close of business on 29 March 2019.
speedsgh
01/4/2019
15:26
French logistics acquisition - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/french-logistics-acquisition/201904010700045189U/ SCHRODER EUROPEAN REIT PLC INCREASES LOGISTICS EXPOSURE WITH €17.3 MILLION FRENCH ACQUISITION Schroder European Real Estate Investment Trust plc ("SERE"), the company investing in European growth cities, has completed the acquisition of two logistics warehouses near Rennes, in Brittany, France, for €17.3 million, reflecting a net initial yield of 5.9%. The acquisition was part funded with a new loan facility totalling €8.6 million, which has been secured against the Rennes property. Providing 23,852 sqm of institutional quality space across two adjacent buildings, the property is let on a 12 year lease to C-Log, the logistics subsidiary of Groupe Beaumanoir, the international fashion retailer, which has invested significant capex in equipping the building with automated technology. The property is located at the junction of two major arterial routes and benefits from excellent sea, high speed rail and air connectivity. In line with Schroders' Winning Cities strategy, Brittany is one of France's fastest growing regions in terms of GDP and population growth. Jeff O'Dwyer, of Schroder REIM, commented: "The 12 year lease on this asset to a strong covenant in a fast growing region of France makes this another excellent addition to our already high-quality portfolio of assets. We have now deployed all of the proceeds from last year's sale of low yielding retail assets into five warehouse investments, with a blended net income yield of approximately 6.4%, further diversifying the portfolio and increasing its allocation to the high growth industrial and logistics sector." Following this acquisition, the SERE portfolio comprises 13 properties with a value of approximately €240 million and a blended net initial yield of 6.2%. The portfolio's sector allocation is 46% office, 27% retail, 19% industrial and 8% mixed use. DEBT FACILITIES Totalling €8.6 million, the new loan facility has been agreed with Franco-German regional bank SaarLB. It represents a blended loan to value of approximately 50% against the Rennes property. The loan has a term of 5.0 years and a margin of 1.4% above 3 month Euribor. The Group has acquired an interest rate cap to limit future potential interest costs, with a strike rate of 1.0% p.a. SERE now has total third party loans of €73.0 million, representing an overall loan to value across the Group of 29% against the gross asset value, at an average weighted interest rate of 1.4%. The average unexpired loan term is 5.5 years.
speedsgh
08/3/2019
09:00
Announcement of NAV and dividend - HTTPS://www.investegate.co.uk/schroder-euro-real/rns/announcement-of-nav-and-dividend/201903070700040847S/ Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today announces its unaudited net asset value ("NAV") for 31 December 2018, together with its first interim dividend for the year ending 30 September 2019: - Unaudited NAV as at 31 December 2018 of €183.5 million or 137.2 cents per share; - Annual NAV total return for 12 months to 31 December 2018 of 6%; - An interim dividend of 1.85 euro cents per share relating to the quarter to 31 December 2018. Since the period end the Company has made further progress with its investment strategy and has exchanged contracts to acquire two logistics warehouses in Rennes, France for €17.3 million, reflecting an attractive net initial yield of 5.9%. The acquisition is expected to complete before March quarter end and will be part funded with two new loan facilities totaling €12.3 million secured against both the Rennes asset and the Rumilly logistics property, which was acquired in 2018. Upon completion of the purchase, SERE will have redeployed the net proceeds raised from the sale of the two Casino supermarkets in 2018 into five warehouse investments, growing the portfolio's exposure to the high growth industrial sector to 19%. Jeff O'Dwyer of Schroder REIM said: "The portfolio's investments offer strong diversification benefits from a sector, city and tenant perspective, and have an average unexpired lease term of approximately 6.5 years. Our current dividend yield of c. 6% is highly attractive relative to other asset classes and looking forward, we have a number of asset management initiatives that will assist in delivering continued income and capital growth. "Recent geo-political uncertainty caused by events such as Brexit and the US-China trade wars have had a dampening effect on global growth. Notwithstanding this, we have invested in 'Winning Cities' such as Berlin, Hamburg, Frankfurt and Paris that will continue to remain attractive irrespective of political risk and where the real estate fundamentals remain compelling. They are cities that are forecast to grow from GDP, tourism numbers and population perspectives at faster rates relative to their respective economies, and with an established footprint in all of them, we believe that there is a real opportunity to build a REIT of significant size and scale that can outperform and deliver attractive shareholder returns."... ... Interim Dividend The first interim dividend of 1.85 euro cents per share for the year ending 30 September 2019 represents an annualised rate of 5.5% based on the Euro IPO issue price of 137 euro cents per share. This is in line with the Company's target dividend, which is based on paying a sustainable covered dividend from income expected to be generated from the portfolio. Based on the GBP IPO issue price of 100 pence per share the annualised yield is 6.8% (based on FX rates as at 31 December 2018). The dividend for the period to 31 December 2018 is 75% covered from income received during the quarter. The lower level of dividend cover this quarter is the result of the reduced income being generated at the Company's Hamburg office asset following the lease surrender with City BKK announced last year. The Company has already re-let 20% of the surrendered space, is in advanced discussions on approximately a further 20% of the space and will also receive €1.5m in 2019 in respect of the second tranche of the surrender payment from City BKK. Based on the net income predicted to be generated during the year (including the surrender premium), it is anticipated that the total dividends for the year will be fully covered. The interim dividend payment will be made on Friday, 12 April 2019 to shareholders on the register on the record date of Friday, 29 March 2019. In South Africa, the last day to trade will be Tuesday, 26 March 2019 and the ex-dividend date will be Wednesday, 27 March 2019. In the UK, the last day to trade will be Wednesday, 27 March 2019 and the ex-dividend date will be Thursday, 28 March 2019.
speedsgh
13/12/2018
10:25
Schroders Outlooks 2019: European commercial real estate - HTTP://www.commercialnewsmedia.com/archives/83682 In the latest instalment of Schroders’ series of articles looking at the outlook for the next year, we hear from Duncan Owen, Global Head of Real Estate at Schroders on the outlook for European commercial real estate...
speedsgh
03/12/2018
10:47
Dividend Declaration - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-declaration/201812030702041373J/ Schroder European Real Estate Investment Trust plc (the "Company") announces its fourth interim dividend for the year ended 30 September 2018 of 1.85 euro cents per share. The interim dividend payment will be made on Friday, 25 January 2019 to shareholders on the register on the record date of Friday, 11 January 2019. In South Africa, the last day to trade will be Tuesday, 8 January 2019 and the ex-dividend date will be Wednesday, 9 January 2019. In the UK, the last day to trade will be Wednesday, 9 January 2019 and the ex-dividend date will be Thursday, 10 January 2019...
speedsgh
03/12/2018
10:46
FULL YEAR RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 (cont'd)... Commenting, Sir Julian Berney, Chairman of the Board, said: "This has been another strong year that has seen SEREIT delivering growth in both NAV and income, chiefly underpinned by the profitable disposal of lower yielding assets alongside new investment into higher growth industrial assets, as well as the active asset management of the existing portfolio and its tenants. This activity has enabled the Company to grow the dividend and achieve its 5.5% IPO target dividend. "Going forward, the Company's strategic focus on Winning Cities and regions across Europe means the portfolio we have constructed benefits from strong fundamentals, with a diverse occupier base and a number of clear opportunities to realise further rental growth. The quality of the real estate portfolio combined with the robust balance sheet and strong income profile also provide defensive characteristics in periods of uncertainty." Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, added: "Underpinned by the strongly performing Eurozone and wider market stability, the case for continental European real estate remains compelling, particularly for cities that are attractive places to live, work and visit, have diverse economies and are benefiting from infrastructure investment. The Company's assets are all located in these higher growth cities which positions them well to continue capitalising on the underlying growth in those markets. "Our near term priority is focused on investing the remaining €15 million and, leveraging our 180 strong team, we have already identified a range of potential investment opportunities in our target sectors that would be accretive to the Company's earnings. We remain committed to our ambition to grow the portfolio in a disciplined way in order to deliver enhanced shareholder returns."
speedsgh
03/12/2018
10:44
FULL YEAR RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 - HTTPS://www.investegate.co.uk/schroder-euro-real/rns/annual-financial-report/201812030700061375J/ NEW INVESTMENT AND ASSET MANAGEMENT UNDERPINS GROWTH IN PROFITS AND DELIVERY OF TARGET 5.5% DIVIDEND YIELD KEY HIGHLIGHTS ‒ Continued benefits of growth in the premier European markets ‒ Acquired five properties in high growth sectors and cities, deploying €52 million at an average net income yield of 8.0%, and disposed of two retail properties totalling €44.8 million at an average net income yield of 5.0% ‒ Achieved IPO dividend target of 5.5% yield on Euro IPO issue price ‒ Active asset management has driven 57% growth in EPRA earnings ‒ Strong diversification from UK market FINANCIAL HIGHLIGHTS ‒ Profit increased by 28% to €13.2 million (30 September 2017: €10.3 million) ‒ NAV total return of 7.5% (30 September 2017: 6.0%) ‒ Net Asset Value ('NAV') of €182.1 million or 136.2 cps, reflecting an increase over the period of 2.2% ‒ Total dividends declared relating to the year of 7.4 cps, reflecting a 42% increase on the Full Year 2017 dividend ‒ Dividend for the quarter ended 30 September 2018 of 1.85 cps ‒ Underlying EPRA earnings of €10.8 million (30 September 2017: €6.9 million) ‒ Loan to value ('LTV') of 26% (30 September 2017: 25%) at a weighted average total interest rate of 1.4%. Debt is either fixed cost or capped and has a long duration of 6.0 years on average OPERATIONAL HIGHLIGHTS ‒ 100% of the portfolio's 12 institutional grade properties located in the fastest growing cities and regions of Continental Europe, which are expected to benefit from positive economic growth ‒ Portfolio valued at €222.0 million, reflecting an uplift of approximately 8.1% on purchase price; ‒ Disposal of two French retail properties for €44.8 million, reflecting a €4.9 million premium to the purchase price; ‒ Diversified the portfolio into the high growth logistics / industrial sector with the acquisition of three warehouses in the Netherlands for €21.3 million and a warehouse in France for €9.3 million, increasing the portfolio's industrial weighting to 13% ‒ Acquisition of a long leased Data Centre in the Netherlands for an all in cost of €21 million, generating a net initial yield of approximately 10%; ‒ Execution of asset management initiatives across the portfolio, benefiting from the Investment Manager having local on the ground real estate teams: o Conclusion of 17 new leases and re-gears, across approximately 8,600 sqm, resulting in an increase in income of c. 3% relative to previous rent and a weighted average lease term of c. 8 years o Negotiation of a lease surrender in Hamburg, including a surrender premium to the Company of €3.9 million. In advanced discussions on securing new leases over c. 40% of the surrendered space; ‒ Maintained high portfolio occupancy levels of 97% (31 March 2018: 97%), with average portfolio unexpired lease term of 6.6 years (5.0 years to break).
speedsgh
19/11/2018
12:47
Notice of full year results - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/notice-of-results/201811191230047603H/ Schroder European Real Estate Investment Trust plc, the company investing in European growth cities, will announce results for the 12 month period ended 30 September 2018 on Monday, 3 December 2018...
speedsgh
21/8/2018
10:14
European logistics yield falls below 6% for first time on record - HTTP://www.commercialnewsmedia.com/archives/79601 The overall European logistics yield dropped 14bps to 5.95% in Q2 2018, the first time it has fallen below 6% since Cushman & Wakefield began consistently tracking the three main property sectors in 1992, according to the firm’s DNA of Real Estate report. All logistics markets monitored in Germany, Italy and Sweden recorded inward yield movements during the second quarter, and a couple of UK locations also contributed to the overall shift down to 5.95%. About a third of the monitored office locations saw some yield compression with a prime weighted average down from 4.49% to 4.42%. In contrast, high street retail yields softened in a few locations and the overall prime yield moved out by 1bps to 4.19%. Despite the fall in the prime logistics yield below 6%, the gap relative to office and retail is still higher than in the previous cycle. Office rents grew at a robust rate of 0.8% q-o-q with several markets – across different countries and regions in Europe – seeing increases up to 5%. Limited rental growth was recorded in the retail sector while rental correction in Turkey offset this growth, resulting in the weighted average rent 0.1% lower than the first quarter. Offices Office rents remained on a strong upward trajectory for the seventh consecutive quarter. Average office rents grew by 0.8% in Q2 with growth recorded in 11 out of the 47 monitored office markets. Rome led the way with growth at 5.0%, supported by strong occupier demand in Q2. This positive momentum was also evident in other regions. Markets in Benelux, CEE, Germany, Nordics, Semi-core and the UK all saw some level of rent edging up. Barcelona was one of the office markets that outperformed in Q2 with a rental increase of 4.2% q-o-q and 11.1% y-o-y. In the UK, weighted average rent shifted up by 0.1%. Birmingham and Glasgow had small increments in prime rents whereas Central London and other regional markets remained flat. Nigel Almond, Head of Data Analytics, Cushman & Wakefield EMEA Research & Insight, said: “Berlin is the only German office market where rental growth was recorded in Q2, although with the support of solid economic fundamentals and occupational demand, we expect prime rents to grow further, along with other leading German cities in the second half of 2018. Following recent modest falls, rents across London were flat in Q2, in part supported by relatively strong leasing market activity. But Brexit uncertainties, weaker job creation, and above-average completions places risk on the downside for the evolution of rents in the short to medium term”. Average European office yields fell 7bps to 4.42%, setting a new low since 2001, with 14 out of the 47 monitored European markets recording inward movement and no outward movement in other markets. Six UK regional markets (Birmingham, Bristol, Leeds, Manchester, Newcastle and Edinburgh) moved down 25bps in Q2, and now every UK regional market had some level of yield compression in the past year following a period of no movement in the 12 months before. Benelux is another region where key markets saw yield compression of 11bps to 4.76%. German yields showed similar trend to rents and had minimum movement in Q2 (down 1bp to 3.09%), as investors take a more cautious approach to pricing with yields across Germany some of the lowest across Europe. Logistics Five out of the 45 monitored logistics markets saw some rental growth and all other markets remained flat in Q2. Manchester recorded solid growth of 16.7% q-o-q and 25% y-o-y supported by major leasing transaction activity this quarter. Elsewhere, pockets of growth were found in Helsinki (+4.3%), Budapest (+3.9%) and Rome (+3.8%). Average yield fell by a substantial 14bps q-o-q and 42bps y-o-y which is the largest annualised reduction in the past nine quarters. Logistics yields fell in 15 out of the 45 monitored markets including all locations in Germany, Italy and Sweden. Benelux and CEE markets, on the other hand, had less substantial yield compression. Lisa Graham, Head of EMEA Industrial and Logistics Research & Insight, Cushman & Wakefield, added: “Logistics properties have increasingly become a desirable asset for real estate investors on the back of the growth for e-commerce and the streamlining of supply chains, and now account for a growing share of investment activity supporting a strong reduction in yields over this period. Yields in almost all monitored markets are at their 10-year low, although we believe there is still room for further downward movement in selected markets during the second half of the year.” High Street Retail Overall high street retail rents softened marginally by 0.1% with growth recorded in just five markets q-o-q. More than half the monitored markets had no movement in rents at all in the past 12 months. Budapest topped the rental growth for a second quarter with a 7.7% increase q-o-q and 16.7% y-o-y, reflecting strong local consumption and demand from retailers. Lisbon followed closely at 4.0% growth q-o-q and 13.0% y-o-y. High street retail yields edged up 1bp to 4.19%, which put an end to a four-year long yield compression. While yields in most continental European markets stayed flat and on their 10-year low, UK yields started to move out (+1bp to 3.23% in Q2) and further away from its 10-year low of 3.12%. Investors are increasingly cautious towards the UK retail sector as several retailers seek to shrink the number of stores or reductions in rents on the back of weaker trading and growing online sales. This has led to a reduction in overall investment activity. With strong GDP growth, Budapest again ranked first in the yield chart with a 25bps downward shift in Q2 and Cushman & Wakefield research indicating there is still room for further yield compression in the Hungarian capital, along with other key markets in CEE including Warsaw and Bucharest where retail assets are still ranked as fairly-priced.
speedsgh
21/8/2018
07:35
Acquisition of three industrial properties - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/acquisition-of-three-industrial-properties/201808210700033389Y/ Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, announces that it has exchanged contracts to purchase three industrial assets in the Netherlands for a total purchase price of €19.8 million, reflecting a combined net initial yield of 6.5%, with a weighted unexpired lease term of approximately 9 years. · In Venray, the Netherlands, SERE has acquired a freehold 15,290 sqm warehouse, fully let to logistics specialist De Klok Logistics, on a new 10 year lease. The Venray / Venlo region sits next to the German border and the Ruhr region. It is regarded as one of the premier logistic locations in Europe, providing both domestic and European distribution capabilities via its excellent road, rail and ports connectivity. · In Houten, in the Utrecht province, SERE has acquired a modern freehold 9,149 sqm warehouse which is 100% let to Inventum, a specialist in water heating and boilers, with an unexpired lease term of 8 years. The property is located in the established de Meerpaal Business Park, home to more than 100 occupiers from a cross section of industries. Utrecht is one of the fastest growing regions in the Netherlands; with both GDP and population expected exceed national averages[1] and benefits from its central location, favourable road, rail and port accessibility, education facilities and position as a major employment hub. · SERE has also acquired a modern, 2,500 sqm mixed use building in Utrecht, fully let on a multi tenanted basis, with an unexpired lease term of approximately 8 years. The property is located in the established De Wetering business park, fronting the A-2 motorway. On completion of the acquisitions, the portfolio will comprise 12 properties with a value of approximately €222 million. The portfolio will generate contracted rents of €16.1 million with an average unexpired lease term to first break and expiry of 5.1 years and 6.7 years (per end of June 2018). The acquisitions provide further sector diversification, with the portfolio having the following allocations; 49% office, 29% retail, 13% industrial and 9% mixed use. The Company has now redeployed the majority of net proceeds raised from the July sale of two low yielding Casino supermarkets, part of the Company's investment strategy to actively manage the portfolio to grow income and total returns. Along with the Rumilly logistics acquisition announced in July, the Company has already replaced 90% of foregone Casino income and has a remaining investment capacity of approximately €15 million. Completion of the transactions will occur towards the end of August (Houten) and September (Venray and Utrecht). Jeff O'Dwyer, at Schroder REIM, commented: "We have been actively looking to further diversify the portfolio and increase the Company's allocation to the high growth industrial and logistics sector. These assets are in established industrial locations and offer a stable income profile with growth upside from broader improving city and regional fundamentals. With prime Dutch logistic yields breaking 4.5% we see value in smaller lot sizes, particularly in locations where investment and occupier demand is strong. "These acquisitions demonstrate our ability to leverage Schroders' European investment expertise to identify new investment opportunities and quickly recycle proceeds from disposals, capitalising on opportunities to realise profit and deliver share holder value."
speedsgh
06/8/2018
16:47
NAV and dividend for period to 30 June 2018 (3/8/18) - HTTPS://www.investegate.co.uk/schroder-euro-real/rns/nav-and-dividend-for-period-to-30-june-2018/201808030700016968W/ Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today announces its unaudited net asset value ("NAV") for 30 June 2018, together with its third interim dividend for the year ending 30 September 2018 relating to the three months to 30 June 2018: · Unaudited NAV as at 30 June 2018 of €187.2 million or 140.0 cents per share, an uplift of 0.1% over the quarter; · Quarterly NAV total return, including the dividend, of 1.4%; · An interim dividend of 1.85 euro cents per share relating to the quarter to 30 June 2018; · This dividend is in-line with the target dividend stated at IPO of an annualised rate of 5.5% on the IPO issue price Since quarter end the Company has made progress with its investment strategy, including realising profit with sales at low yields and reinvestment at higher yields: · The sale of its investment in two Casino supermarkets in France (as announced on 1 February 2018) for a price of approximately €45 million and a net income yield of sub 5%; · Contracted acquisition of a logistics investment in Rumilly, France for a purchase price of €8.6 million, representing a net income yield of 7.0%. This is targeted to complete in mid-August; · Exclusivity granted for the acquisition of three Dutch warehouse investments, totalling over €20 million at a net income yield of between 6% - 7%... Interim Dividend The third interim dividend of 1.85 euro cents per share for the year ending 30 September 2018 represents an annualised rate of 5.5% based on the Euro IPO issue price of 137 euro cents per share. Based on the GBP IPO issue price of 100 pence per share the annualised yield is 6.7% (based on FX rates as at 30 June 2018). The dividend is 96% covered from income received during the quarter. Dividends for the first nine months of the financial year are 120% covered from net income received. The interim dividend payment will be made on Friday, 14 September 2018 to shareholders on the register on the record date of Friday, 31 August 2018. In South Africa, the last day to trade will be Tuesday, 28 August 2018 and the ex-dividend date will be Wednesday, 29 August 2018. In the UK, the last day to trade will be Wednesday, 29 August 2018 and the ex-dividend date will be Thursday, 30 August 2018. Property Portfolio As at 30 June 2018, the Company owned ten properties located in growth cities of Continental Europe, independently valued at €238.0 million. Over the quarter, the portfolio value has increased €0.4 million, net of capex. This reflects a property capital return of 0.2%. Over the same period, the portfolio generated a net property income of €3.9 million, representing an ungeared quarterly property income return of 1.7% (on an annualised basis, reflecting an ungeared property income return of 6.7%). The committed portfolio, which includes the Rumilly purchase and excludes the Casino sales, will comprise nine properties with a value of approximately €202 million. The portfolio will generate contracted rents of €14.6 million and is 97% let with an average unexpired lease term to first break and expiry of 4.7 years and 6.5 years. The rent on all leases is indexed to inflation and individual asset business plans are being implemented to improve future earnings and capital growth potential. An example of this is the lease surrender and remarketing of the Company's Hamburg asset, in a strengthening office sub-market, where SERE is refurbishing part of the property and already has interest from potential tenants. The fundamentals of the Eurozone economy remain positive and growth continues. Unemployment is falling, contributing to positive sentiment and increasing consumer spend. The strong economic backdrop is benefiting property markets, with office vacancy rates in some of the Company's existing and target markets at record lows, resulting in strong rental growth. (Source: JLL Office Property Clock Q2 2018). Investment Progress The Company has invested over €233 million since IPO, constructing a property portfolio with a diversified income profile across key growth cities in Western Continental Europe. A total of €73.4 million of debt has been drawn, equating to an LTV of c.28% at an average weighted interest rate of 1.3% p.a. and an average weighted duration of approximately 6.1 years. The sale of the Casino supermarkets provides new investment capacity of approximately €45 million (including further gearing). Approximately €9 million will be deployed with the completion of the Rumilly acquisition and the three Dutch warehouse investments in exclusivity total over €20 million. These acquisitions would provide further sector and tenant diversification and are at income yields that are accretive to the Company's existing portfolio. If all these acquisitions complete the Company would have approximately €15 million of remaining investment capacity and the Investment Manager is reviewing and in negotiation on a number of new opportunities. Jeff O'Dwyer, of Schroder REIM, said: "The Rumilly logistics commitment adds further diversification to the portfolio which now offers a mixture of income and growth through a programme of ongoing and identified asset management initiatives. "Approximately 90% of the portfolio is situated in Europe's fastest growing conurbations and includes cities such as Berlin, Frankfurt, Hamburg, Stuttgart and Paris, all of which are set to outperform their domestic economies in the medium to long term. Building on the positive Half Year results, the attractive income distribution and continued growth in property values across the portfolio is a reflection of the team's ability to identify, acquire and manage assets that deliver on the Company's stated objectives. "We remain well positioned to generate long term shareholder value, benefiting from the favorable Eurozone backdrop, as we explore the different options to grow the company over the medium-to-long term."
speedsgh
09/7/2018
14:21
Been watching SERE a while as it appeals as a dividend diversifier. Spooked by a large premium once upon a time and the resignation of lead manager. However, to me, the promoted deputy and team are improving the initial office retail mix. Not sure why the current share price weakness, but if it goes anywhere near £1 again Yielding 5%, in growthy Euro regions, it would be rude not to. It’s a little small so they’ve every incentive to perform to be able to do a C issue or something. Thanks for the time and effort keeping news up to date speedsgh. It’s property it’s meant to be dull but 5% pa in euros interests me.
steve3sandal
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