Schroder Eur.r Regulatory News (SERE)

17 November 2017

Update on management

The Board of Schroder EUROPEAN Real Estate Investment Trust plc (the "Company") announces that, from 1 January 2018, Jeff O'Dwyer will take over all day-to-day responsibilities for portfolio management of the Company, and Tony Smedley will cease to be involved. Jeff has been involved in the management of the portfolio since IPO, and the Board considers this to be a natural progression.

The Company's investment strategy and objectives will remain unchanged. The Schroder Real Estate Investment Committee will continue to provide oversight and approvals for key transactions. Duncan Owen (Global Head of Real Estate and chair of the Investment Committee) and Andrew MacDonald will continue to work closely with Jeff O'Dwyer on the Company. The local real estate teams in France, Germany and Scandinavia will continue to manage the portfolio's assets.

Enquiries:

Duncan Owen

Schroder Real Estate Investment Management Limited Tel: 020 7658 6000

Estelle Bibby

Schroder Investment Management Limited Tel: 020 7658 3431

JSE Sponsor: PSG Capital Proprietary Limited

This announcement contains inside information.