Schroder Real Regulatory News (SREI)

Schroder Real Estate Investment Trust Ltd - Share Buy-Back Programme

PR Newswire

London, September 7

For release 8 September 2020

Schroder Real Estate Investment Trust Limited

SHARE BUY-BACK PROGRAMME

Schroder Real Estate Investment Trust Limited (the ‘Company’/ ‘SREIT’) intends to begin a share buyback programme to purchase shares in the Company.

The Board believes that investment in the SREIT’s shares at the prevailing price and discount to net asset value offers attractive value for its shareholders. The Company’s financial position remains strong. As at 30 June 2020, it had cash of £85.4 million and a loan to value ratio, net of cash, of approximately 24%. Alongside share buy-backs the focus continues to be on identifying attractive new acquisitions and delivering net income growth through new lettings and asset management.

The Company is amending its disclosure policy to include on a regulatory information services (‘RIS’) details of its share buyback powers which it renews annually. It is expected similar announcements will be made every time the share buyback authority is renewed.

The Company announces that it has authority to repurchase a maximum of 77,725,160 of its ordinary shares (being its outstanding shareholder authority). Such authority lasts until the next shareholder authority granted, or where expressly revoked by shareholders. The buyback would be funded from the Company’s resources. No maximum consideration payable has been determined by the Company, but the Company is unable to pay a price for any shares pursuant to the buy-back which would equate to a premium on the net asset value.

The Company has appointed J.P. Morgan Securities plc to act as its broker in respect of the buy-back.

The buy-back will be undertaken pursuant the Company’s discount management programme.

This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company’s general authority to repurchase shares.

-ENDS-

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