Schroder European Real Estate Investment Trust PLC - London and Johannesburg-listed property investor - Direct property portfolio is independently valued at EUR208.1 million as of the end of its financial second quarter on March 31, representing a marginal like-for-like decrease of 1.0% from EUR210.2 million at the end of the first quarter. This slight drop is driven by continued outward yield movement - meaning lower property prices compared to rents - particularly for offices and select retail. Notes that rental income has remained stable in the second quarter, with a continuing high level of rent collection, and the portfolio is benefiting from indexation and high occupancy of 96%
Schroder says it remains well positioned, with significant cash reserves. It continues to review select sustainability-led capital-expenditure initiatives in the portfolio, which it says should optimise earnings growth and asset liquidity.
Stock price in Johannesburg: ZAR14.50
12-month change: down 29%
Stock price in London: 61.20 pence
12-month change: down 27%
By Artwell Dlamini, Alliance News reporter
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Schroder Eur.r (SERE)