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
  0.25 0.24% 106.25 105.50 107.00 106.50 106.50 106.50 126,025 16:35:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.5 26.6 19.2 5.9 142

Schroder European Real E... Share Discussion Threads

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O'Dwyer hunts for ‘large industrials’ for European Reit - HTTP://citywire.co.uk/investment-trust-insider/news/odwyer-hunts-for-large-industrials-for-european-reit/a1128189 Schroder European Real Estate (SERE) is looking for industrial assets to redeploy the cash it made from the sale of two French supermarkets. In half-year results to 31 March, the real estate investment trust (Reit) generated a 6.1% total return on net assets up from 2.5% in the six-month period a year ago. A €1.85 per share quarterly dividend was fully covered by earnings after the recent €20 million purchase of a data centre in the Netherlands yielding 10%, said manager Jeff O'Dwyer, who took over the €237 million at the start of the year after Tony Smedley resigned. O'Dwyer said this meant the trust had hit its original dividend yield target of 5.5% for investors who bought the shares at 100p when they floated in December 2015. The purchase was made from the €30 million war chest the trust had at the end of the year, topped up by the sale of two Casino supermarkets in France, which were sold to their joint venture partner at a 10% premium over their December valuation. O’Dwyer said he was looking for ‘large industrial assets to redeploy the Casino money’, which had yielded 5%, and would not reinvest in supermarkets as he aimed for ‘higher yields and greater diversification’ within the portfolio. He said he was ‘in negotiations on a number of new opportunities in both new and existing sectors’. ‘Our aspirations are to grow the portfolio through a disciplined and consistent approach centred on enhancing income and shareholder returns,’ he added. The trust holds 10 assets, four in Germany, four in France, one in Spain, and the newest investment in the Netherlands. The portfolio is split 46% in retail, 46% in offices, and 8% in mixed assets. O’Dwyer (pictured) picks investments in ‘winning’ cities that are experiencing fast growth rather than countries, including Berlin, Hamburg, Stuttgart, Frankfurt, and Paris. While the eurozone may face a slowdown in growth and political uncertainty O’Dwyer said it had experienced its strongest period of growth during the last 10 years and forecast eurozone GDP will grow by 2-2.5% through 2018/19. ‘Investment is increasing, while unemployment continues to fall with consumer spending increase,’ he said. ‘The acceleration in world trade means that external demand in the form of export should continue to grow. While stronger growth will feed through to higher inflation, [we] expect it to remain at around 1.5% per annum over the next couple of years.’ Inflation at that level meant the European Central Bank would be ‘unlikely to raise interest rates before 2019’, he said. O’Dwyer was unconcerned about the political turbulence facing Europe after the election of a eurosceptic, populist government in Italy. ‘Italy is a market that we can invest but it would have to be a very good investment to take on the risk – not just political risk, but transparency risk, litigation risk, and tax risk. We are not seeing – when compared to other areas on a risk-adjusted basis – the attraction,’ he said. Overall he ‘looks through political risk’ when making investment decisions. ‘If we were worried about political risk each day we would never get anything done,’ said O’Dwyer. ‘We aim to grow irrespective of politics.’ O’Dwyer said he would look to raise more money from investors when the time was right, although with the shares trading 8% below net asset value (NAV), a share issue is not imminent. ‘The intention has been to double the size [of the trust] and take it to €500 million and all the investors would like to see that happen, but as for when – it will be at an appropriate time and we will do it when it will benefit existing shareholders,’ he said. At yesterday's closing price 114p, SERE yields 4.8%.
Dividend Declaration - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-declaration/201806120701050376R/ SECOND INTERIM DIVIDEND Schroder European Real Estate Investment Trust plc (the "Company") announces its second interim dividend in respect of the year ended 30 September 2018 of 1.85 euro cents per share. The dividend is approximately 100% covered from recurring income from the portfolio. This excludes the impact of the receipt of €2.4m in respect of the first payment for the Hamburg lease surrender. Including the Hamburg surrender premium receipt the dividend cover is 172%. The declared dividend represents an annualised rate of 5.5% based on the euro equivalent of the issue price at admission, fulfilling the target dividend stated at IPO. Based on the Euro: GBP exchange rate as at 31 March 2018, this equates to an annualised rate of 6.5% on the GBP issue price at IPO of 100 pence per share. Total interim dividends declared to date relating to the year ending 30 September 2018 amount to 3.7 euro cents per share. This represents an increase of 68% over the same period in respect of the year ended 30 September 2017. The interim dividend payment will be made on Friday, 20 July 2018 to shareholders on the register on the record date of Friday, 6 July 2018. In South Africa, the last day to trade will be Tuesday, 3 July 2018 and the ex-dividend date will be Wednesday, 4 July 2018. In the UK, the last day to trade will be Wednesday, 4 July 2018 and the ex-dividend date will be Thursday, 5 July 2018. 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, 18 June 2018...
Half-year Report - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/half-year-report/201806120700050375R/ PROFIT INCREASES BY 157% AS PORTFOLIO IS FULLY INVESTED IN WINNING EUROPEAN CITIES Financial Highlights for six months ending 31 March 2018: ‒ Profit for the six months increased 157% to €10.8 million (31 March 2017: €4.2 million), driven by uplift in portfolio values and growth in net income ‒ Net asset value ('NAV') total return of 6.1% (31 March 2017: 2.5%) ‒ 4.9% increase in NAV to €187.1 million, or 139.9 cps (deducting the interim dividend declared in December 2017 and paid in April 2018, the NAV would have been €184.6 million (138.1 cps) as at 31 March 2018) ‒ EPRA earnings of €6.5 million (31 March 2017: €2.6 million), reflecting the growth in rental income from acquisitions and receipt of €2.4 million of the surrender premium for the Hamburg asset ‒ Dividend for quarter ended 31 March 2018 of 1.85 cps fully covered from income ‒ Annualised dividend rate of 5.5% based on the euro equivalent of the issue price as at admission, achieving the target dividend stated at IPO. Total interim dividends declared to date relating to the year ending 30 September 2018 of 3.7 cps, representing a 68% increase over the same period in respect of the year ended 30 September 2017 ‒ Loan to value ('LTV') of 28% (30 September 2017: 22%). The debt has a weighted average total interest rate of 1.3%, is either fixed cost or capped and has a long duration of 6.4 years on average Operational highlights ‒ Company fully invested ‒ Acquisition of a data centre and office premises in the Netherlands, secured on a long lease to a strong tenant, for a price of €19.8 million, reflecting a net initial yield of 10% ‒ Continued focus on winning cities and regions with 100% of the portfolio by value located in the faster GDP growth locations in Europe (source: Oxford Economics) ‒ Lease surrender agreement at Hamburg office in return for a premium of €3.9 million. Provides the opportunity to re-let space in the strong Hamburg market ‒ Contracted sale of two Casino supermarkets in France at a 10% premium to December 2017 independent valuation ‒ Portfolio valued at €237.3 million, reflecting an uplift of approximately 9.5% on the combined purchase price ‒ Successful execution of asset management initiatives across the portfolio, including six new lettings and re-gears across approximately 5,000 sqm ‒ Portfolio occupancy of 97% and an unexpired lease term of 6.7 years to expiry. Commenting, Sir Julian Berney Bt., Chairman of the Board, said: "This has been an active period for the Company, during which we have delivered growth in NAV, net income and shareholder dividends. We have executed on the strategy outlined at IPO, constructing a high quality real estate portfolio, across the growth cities of western continental Europe. Leveraging its local expertise, Schroders is working on a number of asset management initiatives across the portfolio to grow income and value and coupled with the positive economic backdrop in our target markets, we believe the Company is well positioned for the next stage of growth." Jeff O'Dwyer, of Schroder Real Estate Investment Management Limited, added: "Our portfolio of assets across winning cities such as Berlin, Hamburg, Stuttgart, Frankfurt and Paris continues to benefit from improving occupational demand and strong investment markets. Combined with the active asset management initiatives that we have been driving, this has generated positive performance. "Our immediate priority is to invest the capital that we are receiving from the profitable sale of the two Casino supermarket investments and we are in negotiations on a number of new opportunities in both new and existing sectors. As previously stated, our aspirations are to grow the portfolio through a disciplined and consistent approach centred on enhancing income and shareholder returns."
Dividend Currency Exchange Rate (sterling) - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-currency-exchange-rate--sterling-/201803261430019521I/ Declared dividend: 1.85 euro cents per share Exchange rate: 0.87220 Dividend to be paid for those receiving dividends in sterling: 1.61357 pence per share The dividend will be paid on 13 April 2018 to shareholders who were on the register at the close of business on 23 March 2018.
Excerpt from the following article... Urban logistics: it’s always worth going the ‘last mile’ - HTTP://thinkingaloud.aberdeen-asset.co.uk/en/thinkingaloud/investment-clarity/urban-logistics-its-always-worth-going-the-last Europe is set to follow the UK’s example What we have witnessed in the UK is now happening in Europe. Online retailing is a little less advanced in Europe compared to the UK, but it is changing quickly. In 2016, it grew at a faster rate in Europe than the UK a trend expected to be maintained for at least the next five years. This is being driven by several factors: first, the rapid expansion of major online retailers such as Zalando, ASOS, Amazon and others; and second, consumers are becoming increasingly confident in buying online due to wider availability, faster broadband, more mobile devices and simpler payment systems, which in turn is driving yet more online retail growth. Furthermore, major European cities are growing at least as fast as London has been, and they are also experiencing the same shortages of developable land for urban logistics. This makes investment in the sector look appealing. Trends set to continue and intensify, especially in Europe Overall, the trends in the logistics sector are set to intensify, and this supports value and growth in urban logistics. There will be no let-up in population growth in major cities and online retail will continue to expand its requirements for urban logistics units. We are becoming increasingly used to seeing Amazon deliveries and the vans of parcel delivery operators such as DPD shuttling around city streets. But this is balanced against a diminishing supply of land for logistics development in major cities. Rental growth should continue to be strong for property investors. As such, it’s always worth going the ‘last mile’, thanks to the logic of urban logistics.
Announcement of NAV and Dividend - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/announcement-of-nav-and-dividend/201802221101596584F/ NET ASSET VALUE The Company generated an unaudited NAV as at 31 December 2017 of €180.1 million or 134.7 euro cents per share (119.6 pence per share based on 31 December 2017 exchange rates). This represents an uplift of 1.1% over the quarter and an NAV total return of 2.2%... INTERIM DIVIDEND The Company announces an increase in its quarterly dividend to 1.85 euro cents per share, being the first interim dividend in respect of the year ending 30 September 2018. The dividend reflects a 23% increase against the previous quarters' dividend and an annualised rate of 5.5% based on the euro equivalent of the issue price as at admission of 137 euro cents per share, achieving the target dividend stated at IPO. At current FX rates, the dividend equates to 6.5% yield on GBP issue price of 100 pence per share. The dividend is 92% covered from net income received during the quarter. Since the quarter end the Company has announced a number of changes to the portfolio including the acquisition of Apeldoorn for €20 million at a 10% income yield, which took the Company to full investment, as well as the surrender of the City BKK lease at Hamburg and the future sale of two retail properties in France. It is expected the net income of the Company will fully cover the dividends paid out by the Company during the financial year to September 2018... ... The interim dividend payment will be made on Friday, 13 April 2018 to shareholders on the register on the record date of Friday, 23 March 2018... In the UK, the last day to trade will be Wednesday, 21 March 2018 and the ex-dividend date will be Thursday, 22 March 2018... ... The interim dividend will be paid in GBP to shareholders on the UK register... The exchange rate for determining the interim dividend paid in GBP will be confirmed following the election cut off date by way of an announcement on Monday, 26 March 2018. PROPERTY PORTFOLIO As at 31 December 2017, the Company owned nine properties, independently valued at €213.7 million (independent valuation as at 31 December 2017 reflecting the Company's ownership share in the properties), up from €211.7 million as at 30 September 2017, representing an increase of 0.9% net of capital expenditure. The current valuation reflects an increase of 8.1% compared to the combined purchase price of the nine assets in the portfolio. 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. The portfolio is 99% occupied and generates €14.4 million p.a. of contracted rental income, representing a real estate net initial yield of 5.6% on valuation and a geared property yield of over 8%. The average unexpired lease term is 4.4 years to first break and 6.6 years to expiry.
Acquisition of Netherlands data centre - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/acquisition-of-netherlands-data-centre/201802210700024354F/ Schroder European Real Estate Investment Trust plc ("SERE"), the company investing in European growth cities, has completed the acquisition of a data centre in Apeldoorn, the Netherlands, for approximately €20 million. The acquisition reflects an attractive net initial income yield of 10%. SERE has now fully deployed all of its capital currently available for investment in a ten asset portfolio, located in growth cities and regions that are benefiting from the favourable Eurozone economic outlook...
City BKK leases surrender agreed in Hamburg - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/city-bkk-leases-surrender-agreed-in-hamburg/201802090700023610E/ Schroder European Real Estate Investment Trust Plc ("SERE" or the "Company"), the company investing in European growth cities, announces that it has agreed terms for City BKK to surrender its lease at the Hamburg office asset in Germany, in return for a cash payment to the Company of €3.9 million. This cash payment represents 4.7 years of annual rental income from City BKK. Negotiating a surrender with City BKK was a key initiative within the acquisition strategy. The agreement gives SERE the opportunity to re-position the property, re-leasing the space into a strengthening office sub-market and diversifying the property's income profile. The building is located in the fast growing City Süd district, where vacancy rates have fallen substantially to approximately 5% since the Company's acquisition. This has been led by strong take up, as occupiers perceive the City Süd district as providing better value relative to the neighboring city centre, combined with reduction of supply via the conversion of office accommodation to residential and hotel uses. Jeff O'Dwyer, Fund Manager of Schroder REIM, commented: "The surrender payment realises an immediate return for the Company, part of which will be reinvested into the asset to take advantage of favourable office demand conditions and improve the assets longer-term income profile."
Sale of interest in French retail assets (1/2/18) - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/sale-of-interest-in-french-retail-assets/201802011315016651D/ Schroder European Real Estate Investment Trust Plc ("SERE" or the "Company"), the company investing in European growth cities, announces that the Casino Group, the French retailer, has exercised a buy-back option on SERE's 70% share in two retail assets in France. The sale price reflects a 10% premium to current valuation. SERE acquired the grocery retail assets, in Biarritz and Anglet, in June 2016 by way of a joint venture, acquiring 70% of the investments and the vendor Mercialys, a subsidiary of Casino Group, retaining a 30% interest. The sale price of SERE's 70% interest equates to €44.8 million. Under the option, the re-purchase will exercise on 31 July 2018. The Casino Group will take over SERE's share of the existing debt facility on the assets which amounts to €18.2 million and hence the net equity proceeds to SERE from the sale are approximately €26.6 million. Following the disposal, SERE will have a combined equity and debt investment capacity of approximately €70 million and as stated at the Full Year Results, SERE continues to advance discussions on a number of acquisitions within its identified pipeline and remains confident of achieving full deployment in the short term.
NOTICE OF DIVIDEND CURRENCY EXHANGE RATE (STERLING) - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-declaration/201801081300012521B/ On 6 December 2017, Schroder European Real Estate Investment Trust plc (the "Company") announced its fourth interim dividend for the year ended 30 September 2017 of 1.5 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 -- 1.5 euro cents per share Exchange rate -- 0.88640 Dividend to be paid for those receiving dividends in sterling -- 1.32960 pence per share The dividend will be paid on 19 January 2018 to shareholders who were on the register at the close of business on 5 January 2018.
SCHRODER EUROPEAN REIT SECURES NEW KEY TENANT AT METROMAR SHOPPING CENTRE, SEVILLE (8/1) - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/new-key-tenant/201801080700031382B/ -1,200 sqm letting enhances leisure offering at one of the region's premier family destinations- Schroder European Real Estate Investment Trust plc ("SEREIT"), the company investing in European growth cities, has agreed a new anchor lease with Urban Planet, one of Spain's leading leisure specialists at its Metromar Shopping Centre in Seville, southern Spain. Urban Planet has signed a five year lease, with an option for a further five years, on c. 1,200 sqm of space, at a passing rent ahead of business plan at acquisition. It will be Urban Planet's first leisure centre in the Seville region, with SEREIT having secured exclusivity limiting its opening of other trampoline related businesses in the region. Urban Planet has a strong track record of producing, managing and implementing innovative leisure experiences linked to physical activity. At Metromar, the primary activity will be trampolining, as well as climbing, dodgeball, a children's play area and a food & beverage offering. Catering for all ages, the new space will complement the centre's existing leisure offering, and is expected to significantly drive customer footfall and dwell time. Urban Planet is aiming to commence trading during 2018, following the demolition of the existing unit, and will invest significant capital, demonstrating its commitment to the centre. SEREIT acquired Metromar in May 2017 in joint venture with the Schroder advised Immobilien Europa Direkt, for a purchase price of approximately €52.5 million, reflecting a net initial yield of 6.2%. The 23,500 sqm shopping centre is 99% let to 50 tenants, with a significant convenience retail offering and is anchored by a 2,300 sqm Mercadona grocery supermarket. Jeff O'Dwyer, Fund Manager at Schroder REIM, commented: "One of our acquisition objectives was to identify and deliver a quality leisure operator to what was a historically non-income producing space. We believe that Urban Planet will be a transformational tenant, changing the dynamic of the centre and further improving performance. "Achieved at an attractive passing rent, we expect a positive increase for Q4 2017 valuation and having delivered on our business plan ahead of schedule, it leaves us well placed to secure further leasing and re-gears, on improved rents, as we position Metromar as the region's premier retail and leisure offering."
tyrano - Thanks for your reply. Sorry, I wasn't completely clear with my query. I was trying to establish whether SERE was a member of the UK REIT tax regime whereby the profits of REITs are not subject to corporation tax but 90% of the income profits of their property rental businesses must be distributed to shareholders annually in the form of Property Income Distributions (PIDs) which are subject to withholding tax at the basic rate of income tax (currently 20%). Whilst the company's name is somewhat misleading, SERE have today confirmed to me that the company operates as an Investment Trust, rather than a REIT, and it therefore does not withhold tax on dividends. However, as stated in the last paragraph under Dividend Policy on pg29 of the Nov 2015 prospectus, the company will distribute a minimum of 85% of its income in respect of an accounting period. Prospectus - HTTP://www.schroders.com/getfunddocument?oid=1.9.2451954 "In accordance with regulation 19 of the Investment Trust (Approved Company) (Tax) Regulations 2011, the Company will not (except to the extent permitted by those regulations) retain more than 15 per cent. of its income (as calculated for UK tax purposes) in respect of an accounting period." Somewhat confusing but I am now satisfied with the tax treatment of its property income and its dividend distributions. In short SERE is an investment trust, not a REIT. Hope this helps.
speedsgh Schroder European Real Estate Inv Trust REIT = Real Estate Investment Trust
Sorry in advance for the stupid question but is SERE a REIT?
Bought a few, prepared to buy more on further weakness
This is now on my watch list as well 8w. Looking at the way it has dropped recently, I will continue to watch from the sidelines for now and see where it ends up. A big discount and a decent yield is right up my street, but I try to avoid catching falling knives.
lord gnome
Unusually large discount, management changes should not alter investment story. Good diversifier. Could open a position tomorrow?
Written up in Times today
That should have been Investec not Invested, my error.
Invested increasing their holding. That's a positive sign to me.
it was at a premium before
Any views as to why this REIT has fallen so sharply?
Bought this one shortly after launch but in doing so I bought twice the amount I intended to through being careless with the mouse, easy to do whe you are not concentrating. However it was a fortuitous error as it has appreciated 16% since my purchase so I got off lucky. Given that euro economies are in the mire at the moment these guys seem to know what they are doing with their property purchases and there is a good divi on top. If euroland starts to improve this could do very well so I am not selling anytime soon.
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