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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 Shares Traded Last Trade
  0.00 0.0% 98.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
99.00 102.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.46 26.62 19.24 5.4 131
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 98.00 GBX

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Date Time Title Posts
07/6/202123:07Schroder European Real Estate Inv Trust115

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DateSubject
23/6/2021
09:20
Schroder European Real E... Daily Update: Schroder European Real Estate Investment Trust Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker SERE. The last closing price for Schroder European Real E... was 98p.
Schroder European Real Estate Investment Trust Plc has a 4 week average price of 93.20p and a 12 week average price of 93.20p.
The 1 year high share price is 104p while the 1 year low share price is currently 56.60p.
There are currently 133,743,686 shares in issue and the average daily traded volume is 75,470 shares. The market capitalisation of Schroder European Real Estate Investment Trust Plc is £131,068,812.28.
07/6/2021
23:07
alan pt: 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...
18/4/2021
17:17
kenmitch: 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.
16/4/2021
07:53
speedsgh: 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.
13/4/2021
18:46
speedsgh: 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.
13/4/2021
14:50
speedsgh: 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.
29/3/2021
13:03
speedsgh: 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.
25/2/2021
11:27
speedsgh: 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)
12/1/2021
19:17
speedsgh: Rent collection and valuation update - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/rent-collection-and-valuation-update/202101120700063024L/ 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 €276.1 million, an increase of 2.8%, or €7.51 million, on the 30 September 2020 valuation of €268.6 million. Net of the €4.6 million capital expenditure invested in the refurbishment of Boulogne Billancourt over the quarter, the valuation increase is €2.91 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 €1.2 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 €1.41 million or 3.0% o The value of SERE's 50% interest in the Seville shopping centre declined marginally by €50,000 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.
09/12/2020
12:04
speedsgh: European Real Estate: Alive and kicking in the Covid crisis - HTTPS://citywire.co.uk/investment-trust-insider/news/big-broadcast-the-next-growth-opportunities-in-european-property/a1431127 Video of the recent one-hour programme, including the debate and Q&A, involving Jeff O’Dwyer, fund manager of the Schroder European Real Estate (SERE) investment trust, Simon Moore, director of Trust Research, and Citywire’s Gavin Lumsden. Fresh from a Paris property transaction that added 15% to his trust’s asset value, O’Dwyer outlines the office, retail and logistics properties in France, Germany and the Netherlands he believes offer the most exciting development opportunities. In his presentation and the discussion, O’Dwyer seeks to dispel some of the fears around commercial property during the coronavirus pandemic, explaining: ~ how two of the trust’s three retail properties have performed very strongly during the Covid-19 outbreak; ~ why offices have a future if they remain modern, relevant and accessible; ~ the sort of logistics properties he is seeking to add to the portfolio to take advantage of online shopping in Europe; ~ advantages of a diversified portfolio spread across different sectors; ~ how he and his team identify sub-markets in Europe’s best cities to find well-positioned properties that can be refurbished on higher rents to produce growth in capital and income; ~ the importance of working with commercial tenants to maximise occupancy, rental growth and sustainability of properties. In the Q&A, O’Dwyer answers investors’ questions on dividends, which were halved during the first coronavirus lockdowns and subsequently raised by the board to three quarters of their pre-crisis level, leaving the trust on a 5.5% yield; He also explains what the trust’s board is doing about the trust’s wide, but narrowing, share price discount.
11/11/2020
12:02
speedsgh: European Real Estate: Alive and kicking in the Covid crisis - HTTPS://citywire.co.uk/investment-trust-insider/news/european-real-estate-alive-and-kicking-in-the-covid-crisis/a1423362 Citywire and Schroders are giving you a chance to learn more about the investment opportunity in European commercial property and to quiz Schroders’ Jeff O’Dwyer about the pros and cons of real estate investment trust at a special one-hour online event at 11.30am on 19 November. Investors have fled the mainstream commercial property market in Europe this year as the coronavirus pandemic has accelerated the decline in high street retailing and raised a big question mark over the future value of offices. These are understandable concerns but, according to O’Dwyer, fund manager of Schroder European Real Estate (SERE), a £174m investment trust offering a 5.5% dividend yield and a wide 40% share price discount, the sector has been oversold. The depressed share prices of diversified real estate investment trusts indicate investors see little value in their portfolios, which O’Dwyer, head of pan-European Real Estate at Schroders, believes is a mistake. AGENDA As with our previous broadcasts, this programme will start with a presentation by O’Dwyer and be followed by a discussion on European real estate with a professional wealth manager alongside O’Dwyer (pictured). There will also be plenty of time for you to submit questions before or on the day in a Q&A that will conclude the online session. In this Citywire Virtual event, O’Dwyer will discuss the opportunities that the real estate sector offers active investors in Europe. With reference to specific case studies, he will show how real estate is about far more than battered retailers and will explain the positive trends that exist alongside the economic pressures from Covid-19. Topics will include: ~ How SERE builds value in the office sector (eg, Boulogne, Paris); ~ Opportunities in data centres and infrastructure (Netherlands); ~ Preserving value in its one shopping centre investment (Seville); ~ ‘Winning cities’ and the story in Berlin; ~ Rental collection supporting attractive dividends.
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