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Schroder European Real Estate Investment Trust PLC - London and Johannesburg-listed property investor - Says net asset value per share fell to 124.8 euro cents as at December 31 from 128.2c at September 30, 2023, driven primarily by an unrealised reduction in the valuation of the investment property portfolio. Says the direct property portfolio was independently valued at EUR210.2 million as at December 31, reflecting a like-for-like decrease over the second quarter of 1.8%. Says it continues to review select sustainability-led capex initiatives in the portfolio, which should optimise earnings growth and asset liquidity
Chair Julian Berney says the current share price discount does not reflect the strength of the portfolio, growth city exposure and local expertise of the investment manager. "The company is very well placed, with one of the strongest balance sheets - a net LTV of 24% and EUR27 million in cash - and dividend covers amongst the UK-listed peer group. The board continues to assess opportunities to grow earnings and the evolution of the strategy to maximise shareholder returns and liquidity," Berney adds.
Current stock price in Johannesburg: ZAR15.00, down 3.2% on Wednesday afternoon
12-month change: down 14%
Current stock price in London: 62.00 pence
12-month change: down 25%
By Artwell Dlamini, Alliance News reporter
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