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
  -1.80 -1.82% 97.00 178,400 16:29:58
Bid Price Offer Price High Price Low Price Open Price
97.00 100.00 98.00 96.40 97.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.89 9.74 4.97 19.2 130
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:14 O 49,180 98.80 GBX

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11/11/202012:02Schroder European Real Estate Inv Trust85

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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 98.80p.
Schroder European Real Estate Investment Trust Plc has a 4 week average price of 77.60p and a 12 week average price of 56.60p.
The 1 year high share price is 119p 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 207,780 shares. The market capitalisation of Schroder European Real Estate Investment Trust Plc is £129,731,375.42.
speedsgh: European Real Estate: Alive and kicking in the Covid crisis - HTTPS:// 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.
sharpshare: "As at 30 September 2020, the property portfolio was independently valued at EUR268.6 million, an increase of 9.8%, or EUR23.9 million, on the 30 June 2020 valuation of EUR244.7 million" "Unaudited NAV as at 30 June 2020 of EUR178.4 million or 133.4 cents per share," So 30 Sep 2020 NAV about EUR 178.4m + EUR 23.9m = EUR 202.3m shares in issue: 133,734,686 NAV per share 151.26c or 136.7p (GBPEUR 1.1065)
speedsgh: Rent collection and property valuation update - HTTPS:// 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 30 September 2020. - Approximately 88% of rent due as at 21 October 2020 has been collected, which is ahead of the amount collected in the previous two quarters. - As at 30 September 2020, the property portfolio was independently valued at €268.6 million, an increase of 9.8%, or €23.9 million, on the 30 June 2020 valuation of €244.7 million. - The valuation increase during the quarter was driven by a number of successful asset management initiatives across the portfolio which included: o Exchanged contracts to sell its Boulogne-Billancourt office asset in Paris for approximately €104 million. The sale is structured as a forward funding, with the building being handed over to the purchaser in H1 2022, following completion of a comprehensive refurbishment which is being undertaken by the Company. The refurbishment and sale follows the agreement of a new 10-year pre-let contract with existing tenant Alten in June this year at a rent 39% higher than the previous rent paid. As at 30 September, the property is held at a valuation of €65.2 million, which reflects the sale price, less an adjustment for the costs, risk and process of the refurbishment. The asset was valued at €41.6 million as at 30 June 2020. o A new five-year lease agreement for a further floor at its Hamburg office investment, representing c. 10% of the lettable area. This resulted in a valuation increase of €0.6 million. o SERE's 50% interest in the Seville shopping centre witnessed a valuation decline of €350,000 or 1.6% over the quarter, resulting in a total valuation decline of 8.6% since the 30 December 2019 valuation (the last quarter not impacted by Covid-19). Recent successful asset management initiatives, including the expansion of the supermarket has helped defend further valuation declines. - The Company remains prudently geared with a loan to value, net of cash, of approximately 25% as at 30 September 2020, with no debt maturity before 2023. In line with previous years, the 30 September 2020 NAV will be included in SERE's full year results for the year ending 30 September 2020, which will be announced on 9 December 2020. There will be a live webcast presentation for analysts and investors on the morning of the results.
hindsight: I will write EI, but like you dont expect too much. Im getting twitchy re covid and the general price bounce in the sector
apollocreed1: I sold RGL to buy SERE. The discount is much larger and the sale of the Paris development gives me a lot more confidence in the valuation of the other assets.
sharpshare: June NAV 133.4c "The final sale price of approximately €104 million will deliver net sale proceeds of approximately €70 million when completed, after deducting the c. €30 million cost of refurbishing and re-letting the building. This represents a profit on cost of c. 35%. The sale proceeds will be received in stages and the Company expects the NAV to increase incrementally as sale receipts occur. 50% of the price is to be received on exchange of the definitive deed prior to this calendar year end 2020, with the remainder payable in installments over the subsequent 18 months as construction is completed. The overall increase to the most recent published NAV as at 30 June 2020 is expected to be approximately 15%, subject to programme and cost." 15% of 133.4c is 21.3c New NAV 154.7c or 141p (GBPEUR 1.097)
sharpshare: SERE looking good value after recent sale announcement. price 70.5p NAV after sale of biggest asset around 141p so discount 50% look through net LTV about 0% Div yield about 7.25% low downside, good upside?
speedsgh: Rent collection c.84% of contracted rent as at 15/9/20. Q3 dividend increased to 1.39 euro cents (approx 1.28p at current fx rates), equivalent to 5.56 euro cents annualised (approx 5.12p annualised). Payable 23/10, UK XD 8/10. Dividend continues to be kept under review. Unaudited NAV as at 30/6/20 of 133.4 cents (approx 123.0p at current fx rates), a 2.1% reduction compared to 31/3/20. HTTPS:// Jeff O'Dwyer, of Schroder Real Estate Investment Management Limited, commented: "The SERE portfolio continues to hold up well, underpinned by our city, sector and tenant diversification that has led to favourable rent collection statistics and valuation resilience. Our primary focus remains to deliver and capitalise on the Paris Boulogne-Billancourt refurbishment. Successful completion will have the potential to be accretive to NAV and, subject to disposal, provide an opportunity to further diversify the portfolio and provide a path back to the target dividend."
red ninja: Sentiment seems to have turned against property and although SERE seemed to be breaking upwards over last few days, now it seems to be heading back down. Of course with the US markets being more bearish and Covid seemingly on the rise in Europe its not a great surprise.
speedsgh: Slowdown in European retail weighs on Schroder Reit - HTTPS:// 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.
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