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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
  0.50 0.49% 102.50 101.00 102.50 102.50 102.50 102.50 111,514 10:53:39
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.5 26.6 19.2 5.7 137

Schroder European Real E... Share Discussion Threads

Showing 101 to 125 of 125 messages
Chat Pages: 5  4  3  2  1
DateSubjectAuthorDiscuss
29/7/2021
08:30
XD today, payday 16/8
cwa1
27/7/2021
13:41
I missed the update yesterday, rather less content than some but a NAV rise
hindsight
07/7/2021
15:09
Thx speedsgn, I added in mid 90s as it was by far the best asset adjusted discount on my list. Price now puts discount back in the pack
hindsight
07/7/2021
14:00
Dividend Declaration - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-declaration/202107070701023504E/ Schroder European Real Estate Investment Trust plc (the "Company") announces its second interim dividend for the year ending 30 September 2021. The Board is confident in the future of the business, particularly giving the improving outlook, valuation resilience and return to healthy rent collection and has reinstated the quarterly dividend to its pre-Covid-19 level of 1.85 euro cents per share. The interim dividend payment will be made on Monday, 16 August 2021 to shareholders on the register on the record date of Friday, 30 July 2021...
speedsgh
07/7/2021
13:58
~ Fall in NAV to 147.4 cents (31/12/20 150.7 cents) due to write down of Seville asset to zero. ~ Quarterly dividend increased to pre-Covid level of 1.85 cents. ~ Two special dividends totalling 4.75 cents to be declared over next 12 months from profits of successful sale of Paris, Boulogne-Billancourt. Half-year Report - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/half-year-report/202107070700033715E/ FOCUS ON ASSET QUALITY UNDERPINS RESILIENT PERFORMANCE AND DIVIDEND INCREASE -SIGNIFICANT FIREPOWER AVAILABLE FOR POST-PANDEMIC ACQUISITIONS- Schroder European Real Estate Investment Trust plc, the company investing in European growth cities and regions, today announces its half year results for the six months ended 31 March 2021. · Continued resilience of portfolio income through the Covid-19 pandemic, with rent collection remaining strong at approximately 92% for the six month period. Includes 94% of rent collected for the quarter ended 31 March 2021 · Following the successful execution of the Paris, Boulogne-Billancourt sale, there is €60 million of investment firepower for earnings enhancing initiatives · Portfolio value, including cash, of €259.9 million (HY 2020: €247.3 million). Directly held properties delivered like-for-like valuation growth of €5.6 million, or 2.3%, reflecting the Company's exposure to the high growth industrial, data centre, DIY and grocery sectors · Dividends declared of €4.6 million / 3.42 cps for the six months to 31 March 2021, with a reinstatement of the pre-Covid dividend of 1.85 cps due to an improving outlook, strong rent collection, cash position and valuation resilience · Intention to declare two further distributions with a target of approximately 4.75 cents per share each by way of special dividend over the next 12 months, allowing shareholders to benefit from the exceptional profit associated with the successful execution of the Paris, Boulogne-Billancourt business plan Key Financial highlights · Net Asset Value ('NAV') of €197.1 million or 147.4 cps (30 September 2020: €201.8 million), a decrease of €4.7 million over the six month period, primarily driven by the write down of the Group's Seville exposure to nil which in part was offset by an increase in the valuation of the industrial and DIY portions of the portfolio · Loss of €0.7 million (six months ended 31 March 2020: profit of €4.9 million), resulted in a NAV total return of -0.4%. Pre-tax the Company made a profit of €0.8 million (six months ended 31 March 2020: €5.7 million) which was primarily driven by an increase in the valuation of the industrial and DIY portion of the portfolio, partly offset by the write-down of the Seville exposure to nil. · Underlying EPRA earnings of €2.8 million (six months ended 31 March 2020: €4.3 million), reflecting a temporary reduction in income until the re-deployment of the Paris sale proceeds · Low loan to value ('LTV') of 11% net of €57.0 million of available cash (29% gross of cash), with a low weighted average total interest rate of 1.4% ... Sir Julian Berney, Chairman of the Board, commented: "Despite operating against a backdrop of local and national lockdowns, the portfolio valuation has remained resilient over the period, underpinned by uplifts across the industrial portfolio, a number of asset management successes and improving and strong rent collection. As a result, we are pleased to be able to reinstate the dividend to the pre-pandemic level, whilst paying two special dividends to reflect the highly successful execution of the Paris sale and reward shareholders who continue to support the Company." "The Board remains frustrated that the share price has not reflected the robust performance of the business during the pandemic or that the current discount properly reflects its future prospects. Given the healthy cash position, the Board will continue to review the discount and use its discretion to execute measures that it believes should support income and total returns, including new acquisitions." Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, added: "Whilst uncertainty relating to the pandemic will continue, we are starting to see some positive signs of growth over 2021 as lockdowns ease and consumer and investor confidence returns. The proceeds from the sale of Boulogne-Billancourt substantially strengthen the Company's balance sheet and provide significant operational and financial flexibility. We are focused on identifying attractive income-generating opportunities in future proof assets that meet our strict investment criteria. These will provide further diversification benefits to the portfolio and assist in maintaining an attractive dividend covered from sustainable rental income, as we seek to maximise shareholder returns."
speedsgh
29/6/2021
11:57
SERE fund mangager, Jeff O'Dwyer, is speaking at QuotedData’s Property Webinar Series on Weds 28 July at 11.00am... HTTPS://quoteddata.com/events/quoteddatas-property-webinar-series-3/
speedsgh
24/6/2021
20:37
SERE is on David Stevensons Alt Funds list, with a 1.50 target price hxxp://www.adventurousinvestor.com/2693-update-on-alternative-funds-trading-list-including-one-sell Seems a little optimistic, but let's see, certainly some decent prospects still
alan pt
07/6/2021
23:07
Seems like a decent buy - yield on par with the latest ASLI acquisition in Poland, much better than the latest BOXE deal in Germany ASLI trading at ~15% premium vs ~25% discount for SERE...
alan pt
07/6/2021
16:20
Not sure on todays deal, seems bit late to the party but suppose looks better for weightings
hindsight
18/4/2021
17:17
Not necessarily. Discounts are large for others too, AND they were even wider a while ago ahead of good share price gains. The article above is a very balanced assessment. Thanks for posting it speedsgh.
kenmitch
18/4/2021
12:30
such a big doscount to NAV means there is much to be concerned about I guess. worth keeping an eye on though
arja
16/4/2021
07:53
6%-yielding Schroder European Reit rallies on dividend hope despite Seville setback - HTTPS://citywire.co.uk/investment-trust-insider/news/6-yielding-schroder-european-reit-rallies-on-dividend-hope-despite-seville-setback/a1494216 Schroder European Real Estate (SERE) has suffered another setback with its troubled Seville shopping centre, which it says is probably in breach of its bank loan agreement after a recent recent slide in value. However, dividend hopes have seen the trust’s depress share price rally in the past six weeks. The real estate investment trust, which aims to invest in ‘winning cities’, this week said the main lender to the Metromar centre - in which it has a 50% stake - planned to instruct a new valuation. Fund manager Jeff O’Dwyer said this was likely to show the covenant restricting the loan from accounting for more than 60% of the property’s value had been breached. ‘The loan is secured solely against the Seville investment, with no recourse back to the group or any other property,’ O’Dwyer told shareholders. The move reflected ‘the increase in vacancy, declining estimated rental values, and increase in risk to trading at shopping centres from the pandemic in general, which has increased pressure on the yield of the Seville asset as well’. Most of the decline in Metromar, the only one of the trust’s investments to retain a pandemic ‘material uncertainty’ clause from valuers, was revealed by SERE last month when it published its net asset value (NAV) for 31 December. This showed the retail centre had declined to 2.9% of the portfolio from 3.6% three months before. However, valuation increases in its other key investments, including a Hamburg office, Dutch industrial assets and its Paris Boulogne-Billancourt project, ensured the portfolio grew 2.8%, or €7.5m, to €276.1m in the fourth quarter of last year. This week’s update showed the portfolio valuation slipped 0.6%, or €1.8m, to €274.3m in the first quarter. The decline was 1.2% including the €1.4m SERE spent refurbishing the Boulogne-Billancourt office as part of its ‘transformational’ £95m sale last autumn. Once again there was good news on the industrial assets, which represent 19% of the portfolio by value, which grew 3.9%. The Berlin DIY store - whose residential conversion potential O’Dwyer discussed at a Citywire virtual event last year - rose 4%, helping to offset the downward pressure from Seville. There was also good news on rent collection which improved to 93% from 89% in the previous two quarters. The shares, up 1.4p to 101p today, have rallied 13.5% from 89p when the end-of-year NAV was announced on 3 March and the company declared a 1.57 euro cents first quarter dividend, which offered a a 6.3% forward yield. Although dividend cover from rental income will fall to 70% while the Paris office is empty and is refurbished, the board said it would use some of the sale proceeds to cover the shortfall. It also stated its intention to increase the quarterly dividend back to the 1.85 cents. If that is achieved the annualised 7.4 cents dividend will still offer a forward yield of 6.4% at today’s share price equivalent of 116 cents. The uncertainty of that outcome means the shares can be bought on a 26% discount to their estimated NAV of 134.3p, according to the trust’s broker, Numis Securities. ‘Although the Seville asset continues to be a detractor from performance for SERE, we take comfort that the investment will not impact current income expectations, and the issues relating to the asset are more than reflected in the significantly wide discount of 25% that the shares are trading at,’ said Numis analysts.
speedsgh
14/4/2021
21:02
2.9% of NAV vs c 33% discount to NAV - not something to worry about.
rjmahan
13/4/2021
21:12
Consequences are either exactly that - pay down the loan or else just throw keys and let lender enforce
williamcooper104
13/4/2021
19:21
They are suggesting the LTV covenant on the Seville property is likely to have been breached. What are the likely consequences? Do they simply have to repay some of the loan to get the lTV value down or is there more to it than that?
mjames20
13/4/2021
18:46
I am where I was at the time of our previous exchange, hindsight. Haven't added, haven't sold. Even though I have held since Q1 2018, I have never got beyond a starter position with SERE and don't see that changing in the short term.
speedsgh
13/4/2021
15:18
Thanks, any views speedsgh ?, im just about holding on at this price and news
hindsight
13/4/2021
14:50
Rent collection and portfolio valuation update - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/rent-collection-and-portfolio-valuation-update/202104130700031817V/ 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 rent collection, alongside an independent valuation of the property portfolio as at 31 March 2021. - Approximately 93% of rent due for the quarter ended 31 March 2021 has been collected, which is ahead of the amount collected in the previous two quarters of 89% - As at 31 March 2021, the property portfolio was independently valued at €274.3 million, a decrease of 0.6%, or €1.8 million, on the 31 December 2020 valuation of €276.1 million. Net of approximately €1.4 million of capital expenditure invested in the refurbishment of Boulogne-Billancourt over the quarter, the valuation decreased by €3.2 million, or 1.2% - Excluding the Boulogne-Billancourt capital investment, the like-for-like valuation movement during the quarter was driven by the following: o Improved yield re-rating at the Berlin DIY investment, delivering a valuation increase of €1.1 million, or 4.0% o Improved yield re-rating across the industrial portfolio, delivering a valuation increase of €1.9 million, or 3.9%. As at 31 March 2021, SERE's industrial exposure represents 19% of the portfolio by value o The value of SERE's 50% interest in the Seville shopping centre declined by €6.2 million. This reflects the recent increase in vacancy, declining ERVs and increase in risk to trading at shopping centres from the pandemic in general, which has increased pressure on the yield of the Seville asset as well. The majority of this decline had been reflected in the 31 December 2020 NAV, with the remaining exposure to this asset now representing 2.9% / €5.8M of the NAV. This is the only asset in the portfolio where the valuers continue to adopt a material uncertainty clause - The bank which is financing the Seville property has indicated that it expects to instruct a new valuation to formally test the Loan-to-Value ("LTV") covenant in June 2021, which, based on the Company's revised asset value, is likely to show that the 60% LTV covenant has been breached. The loan is secured solely against the Seville investment, with no recourse back to the Group or any other property. SERE continues to work proactively with its lending partner regarding next steps and will provide a further update in due course - The Company has an aggregated loan to value ratio of approximately 25% as at 31 March 2021, with no recourse to the Company and no debt maturity before 2023. The Company will announce its half year results for the six months ended 31 March 2021 in early July.
speedsgh
29/3/2021
13:03
Dividend currency exchange rate (Sterling) - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-currency-exchange-rate--sterling-/202103291245048325T/ On 3 March 2021, Schroder European Real Estate Investment Trust plc (the "Company") announced its first interim dividend for the year ending 30 September 2021 of 1.57 euro cents per share... ... This announcement confirms that the currency exchange rate applicable for the interim dividend for shareholders on the UK register who did not make a currency election before the applicable deadline and who therefore will receive their dividend in sterling is: Declared dividend - 1.57 euro cents per share Exchange rate - 0.85120 Dividend to be paid for those receiving dividends in sterling - 1.33638 pence per share The dividend will be paid on 13 April 2021 to shareholders who were on the register at the close of business on 26 March 2021.
speedsgh
25/2/2021
20:27
Thank you speedsgn Im thinking e70m of the e258m assets is in effect sold at nav so the discount is wider on the remaining
hindsight
25/2/2021
11:27
NAV NAV as at 31/3/21 likely to fall following recent announcement that one of the fashion anchor tenants at its Metromar shopping centre JV in Seville has opted to exercise its 'lease termination right' (presumably a break option). The audited NAV as at 30/9/20 was 150.9 cents. The unaudited NAV to 31/12/20 and dividend are due to be announced in early March, but the above hit to NAV will only come into play when the portfolio is valued to 31/3/21 - "An updated valuation will be carried out as at 31 March 2021, which will reflect the potential vacancy." DIVIDEND "As previously stated, the income from the centre was already subject to a cash trap with the lender and therefore any reduction in income from this vacancy will not have a material impact on the Company's current dividend expectations." "The rent due [from the departing tenant at Metromar in Seville] will continue to be collected until the end of July 2021." Will be interesting to see the level of the Q1 dividend to be announced soon. DISCOUNT Following the Property Portfolio Valuation Update released on 12/1/21, it would seem that the NAV as at 31/12/20 may see a small increase on the previous valuation (150.9c). At the current share price the discount has widened back out to approx 35%. Even with an adjustment for the Metromar news, one could argue that -35% is excessive but there is still plenty of uncertainty out there in the sector generally. MY VIEW The current dividend is 6.28c annualised (approx 5.4p) based on Jan 21 payment of 1.57c. That gives a yield of 6.4% which is certainly attractive, especially if they increase the Q1 dividend again. I suspect there is a buying opportunity looming but it's not cheap enough for me yet. Will probably wait for further info in upcoming NAV/dividend announcement and see what the share price/chart is looking like then. Sorry. Probably not much help :o)
speedsgh
25/2/2021
09:14
speedsgn, any views now, without the benefit of hindsight ?
hindsight
10/2/2021
14:06
CC2014, thats how I read it and take it to mean the shopping centre 3.4% of nav is soon going to be worth 0
hindsight
10/2/2021
13:50
What does this mean "The debt secured against the asset (JV shopping centre) has no recourse back to the Company or any other property in the portfolio? I'm a little puzzled? Are they saying the JV partners share of the debt has no recourse to SERE?
cc2014
10/2/2021
12:43
MMs lot keener to sell than buy
hindsight
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