Schroder Eur Real Est Inv Trust PLC Rent collection and valuation update (3024L)

TIDMSERE

RNS Number : 3024L

Schroder Eur Real Est Inv Trust PLC

12 January 2021

12 January 2021

RENT COLLECTION AND PROPERTY PORTFOLIO VALUATION UPDATE

Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today provides an update on rent collection, alongside a quarterly independent valuation of the property portfolio as at 31 December 2020.

- Approximately 89% of rent due for the quarter ending 31 December 2020 has been collected, which is ahead of the amount collected in the previous two quarters of 87%

- As at 31 December 2020, the property portfolio was independently valued at EUR276.1 million, an increase of 2.8%, or EUR7.51 million, on the 30 September 2020 valuation of EUR268.6 million. Net of the EUR4.6 million capital expenditure invested in the refurbishment of Boulogne Billancourt over the quarter, the valuation increase is EUR2.91 million, or 1.4%

- Excluding the Boulogne-Billancourt capital investment, the like-for-like valuation increase during the quarter was driven by a number of asset management initiatives which included:

o Two new lease agreements, for five and six years respectively, for a further floor and part floor at its Hamburg office investment, representing c. 10% of the lettable area. This resulted in a valuation increase of EUR1.2 million or 6.5%

o Yield compression and ERV growth across a number of the industrial assets in the portfolio. This resulted in a valuation increase of EUR1.41 million or 3.0%

o The value of SERE's 50% interest in the Seville shopping centre declined marginally by EUR50,000 or 0.2%. The opening of the recently expanded and refurbished Mercadona supermarket has assisted in limiting the decline. This asset is the only asset in the portfolio where the valuers continue to adopt a material uncertainty clause

- The Company remains prudently geared with a loan to value, net of cash, of approximately 25% as at 31 December 2020, with no debt maturity before 2023.

The 31 December 2020 unaudited NAV and dividend will be announced in early March 2021.

Enquiries:

Jeff O'Dwyer / Andrew MacDonald

   Schroder Real Estate Investment Management Limited      Tel: [phone] 

Ria Vavakis

   Schroder Investment Management Limited                           Tel: [phone] 

Dido Laurimore/Richard Gotla/Methuselah Tanyanyiwa

FTI Consulting Tel: [phone]

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January 12, 2021 02:00 ET (07:00 GMT)