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
  0.90 1.0% 90.80 113,190 16:35:16
Bid Price Offer Price High Price Low Price Open Price
89.00 92.00 92.00 89.00 89.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 17.46 26.62 19.24 5.0 121
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:16 UT 28 90.80 GBX

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25/2/202120:27Schroder European Real Estate Inv Trust103

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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 89.90p.
Schroder European Real Estate Investment Trust Plc has a 4 week average price of 84p and a 12 week average price of 84p.
The 1 year high share price is 108.50p 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 144,318 shares. The market capitalisation of Schroder European Real Estate Investment Trust Plc is £121,439,266.89.
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)
cc2014: 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: I would guess: 1. This looks like an unhedged euro investment, so FX is moving against Sterling valuation strongly (and the future dividend stream) 2. 5-10 year debt has risen about 0.25% in last month so that's some off their margin when renegotiated 3. Some valuations started to come in based in sale transactions that particuarly shopping centres real value is far less than carried NAV (a generalistion - no idea about specifis of SERE portfolio)
speedsgh: Rent collection and 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 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.
speedsgh: European Real Estate: Alive and kicking in the Covid crisis - HTTPS:// 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.
speedsgh: FULL YEAR RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 - HTTPS:// Key Financial highlights ‒ Portfolio valued at €268.6 million1, reflecting a 10.7% uplift during the period (30 September 2019 €242.7 million); the like-for-like valuation movements during the period by sector were Offices +24.9%, DIY/Grocery +1.4%, Industrial +0.5%, Other -4.8% and Shopping centre -9.4% ‒ Net Asset Value ('NAV') of €201.8 million or 150.9 cps, an increase of 10.8% during the period (30 September 2019: €182.1 million or 136.2 cps) ‒ NAV total return of 16.2% (30 September 2019: 4.1%) ‒ Profit increased to €28.4 million (30 September 2019: €7.4 million) driven primarily by the portfolio valuation uplift ‒ Underlying EPRA earnings of €8.6 million (30 September 2019: €10.5 million), with the 2019 earnings having included receipt of a one-off surrender premium of €1.5 million ‒ Loan to value ('LTV') decreased to 24% net of cash (30 September 2019: 26% net of cash) at a weighted average total interest rate of 1.4% ‒ Total dividends declared of 5.7 cps (30 September 2019: 7.4 cps) ‒ Dividend cover of 112% (30 September 2019: 107%) Operational highlights ‒ Underlying property portfolio total return of 15.7% ‒ Increased portfolio occupancy to 96% (30 September 2019: 94%), with a 5.5 years average lease term to expiry (30 September 2019: 6.4 years) ‒ Successful execution of asset management initiatives across the portfolio: o Excluding Alten, concluded 10 leases and re-gears, at a rent similar to previous rent of those leases, at a weighted lease term of 5 years o Reflecting its increasing focus on ESG considerations, the Company increased its GRESB green star rating to three, in recognition of the portfolio's sustainability performance, whilst improving the sustainability rating at the Company's Hamburg office asset with the certification of BREEAM in use o The Group continues to give support to its tenants, service providers and consumers in understanding the impact Covid-19 is having on their respective positions. Dividend update The Board will continue to review the dividend in 2021, in particular having regard to the reinvestment of the Paris Boulogne-Billancourt sale proceeds, market conditions and the longer term sustainable rental income collected from the portfolio. As announced previously, whilst the refurbishment of Paris Boulogne-Billancourt is being undertaken, it is expected dividend cover from net income will reduce. The Board expects to allocate some of the net sale proceeds from the forward-funding disposal of this asset, towards covering the shortfall in income from Paris Boulogne-Billancourt whilst it is being refurbished and pending reinvestment of the remainder of sale proceeds. Sir Julian Berney Bt., Chairman, commented: "Our operationally strong portfolio, focused on the Winning Cities of Continental Europe, provided a solid foundation coming into the pandemic, which has been borne out through our robust rent collection figures. Through active asset management, in particular, the conditional forward sale of Paris Boulogne-Billancourt, we have further strengthened the Company's balance sheet and prospects over the period. We are looking forward to next year with cautious optimism, with a focus on investing the sales proceeds into new acquisition opportunities in high-growth sectors and cities in order to continue growing net income and the dividend and favourably positioning the portfolio to drive the next phase of the Company's growth." Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, added: "Despite the challenges presented by Covid-19, significant progress has been made during the reporting period in delivering on the stated strategy. Key to this was the successful execution of our Paris Boulogne-Billancourt initiative, a transformational transaction that is highly accretive for shareholders and underpinned this extremely strong set of results. Whilst we continue to deal with small pockets of underperformance in the portfolio, the REIT is extremely well placed as we move into 2021 to deliver further income and capital growth on behalf of shareholders."
speedsgh: Dividend Declaration - HTTPS:// Schroder European Real Estate Investment Trust plc (the "Company") announces its fourth interim dividend for the year ended 30 September 2020 of 1.57 euro cents per share. The interim dividend payment will be made on Monday, 25 January 2021 to shareholders on the register on the record date of Friday, 8 January 2021. In South Africa, the last day to trade will be Tuesday, 5 January 2021 and the ex-dividend date will be Wednesday, 6 January 2021. In the UK, the last day to trade will be Wednesday, 6 January 2021 and the ex-dividend date will be Thursday, 7 January 2021. 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 sterling will be confirmed following the election cut off date by way of an announcement on Monday, 11 January 2021...
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.
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.
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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