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Pin to quick picksSchroder Eur.r Regulatory News (SERE)

Schroder Eur.r Information

Share Price Information for Schroder Eur.r (SERE)

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Share Price: 64.00
Bid: 61.80
Ask: 63.80
Change: 2.60 (4.23%)
Spread: 2.00 (3.236%)
Open: 61.00
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Low: 61.00
Prev. Close: 61.40
SERE Live PriceLast checked at -
Schroder European Real Estate is an Investment Trust

To provide Shareholders with a regular and attractive level of income return together with the potential for long term income and capital growth through investing in commercial real estate in Continental Europe.

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Property Portfolio Valuation

17 Jul 2023 07:00

RNS Number : 0946G
Schroder Eur Real Est Inv Trust PLC
17 July 2023
 

17 July 2023

PROPERTY PORTFOLIO VALUATION

Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in real estate in European growth cities, today provides an update on the independent valuation of the property portfolio as at 30 June 2023:

- The direct property portfolio was independently valued at €218.4 million, reflecting a marginal like-for-like decrease over the quarter of -0.8%, or -€1.8 million1, increasing the portfolio net initial yield to 6.4%. The change partially reflects the valuers increasing sustainability-led provisions across select assets.

- The portfolio office assets (34%2) witnessed a marginal valuation decline of €2.0 million or 2.4%, reflecting additional sustainability-led provisions, as well as valuers adjusting their yield assumptions by c. 5-15 basis points.

- The portfolio industrial assets (30%2) witnessed a marginal valuation increase of €0.8 million or 1.2%, driven by ERV growth. Yields have remained static.

- The German retail portfolio valuation was flat, whilst the alternative investment portfolio declined €0.7m or 3.0%, as a result of shortening unexpired lease terms and c.20-25 basis points of outward yield movement. 

- Based on 30 June 2023 values and following the recent repayment of the French Rumilly loan, the portfolio LTV is approximately 31% based on gross asset value and 24% net of cash (31 March 2023 LTV 32% gross and 23% net of cash).

- The Company remains well positioned with significant cash reserves and is reviewing select sustainability-led capex initiatives in the portfolio, which will best optimise earnings growth and asset liquidity.

(1) In addition, the Company has a 50% interest in a joint venture in Seville which continues to be recognised at nil value

(2) Including available cash

 

Enquiries:

Jeff O'Dwyer

Schroder Real Estate Investment Management Limited Tel: 020 7658 6000

 

Shilla Pindoria

Schroder Investment Management Limited Tel: 020 7658 6000

 

Dido Laurimore/Richard Gotla/Ollie Parsons

FTI Consulting Tel: 020 3727 1000

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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