Schroder European Real Estate Investment Trust PLC - invests in commercial property in continental Europe - Direct property portfolio is independently valued at EUR211.5 million on December 31, a like-for-like decrease of 3.3% from EUR218.7 million on September 30.
With 100% of the portfolio leases subject to indexation, rising inflation is starting to contribute to rental growth and will increasingly mitigate further value declines, the group says. Based on December 31 values and following the recent refinancing of the Hamburg/Stuttgart loan, the portfolio loan-to-value is about 32% based on gross asset value and 22% net of cash, the trust says.
Current stock price in London: 83.48 pence, up 0.6% on Tuesday
12-month change: down 24%
Current stock price in Johannesburg: ZAR17.00, down 2.9%
12-month change: down 25%
By Artwell Dlamini, Alliance News reporter
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Schroder Eur.r (SERE)