Dividend Declaration

9 December 2020

FOURTH INTERIM DIVIDEND

Schroder European Real Estate Investment Trust plc (the "Company") announces its fourth interim dividend for the year ended 30 September 2020 of 1.57 euro cents per share.

The interim dividend payment will be made on Monday, 25 January 2021 to shareholders on the register on the record date of Friday, 8 January 2021. In South Africa, the last day to trade will be Tuesday, 5 January 2021 and the ex-dividend date will be Wednesday, 6 January 2021. In the UK, the last day to trade will be Wednesday, 6 January 2021 and the ex-dividend date will be Thursday, 7 January 2021.

The interim dividend will be paid in sterling to shareholders on the UK register and rand to shareholders on the South African register. The exchange rate for determining the interim dividend paid in rand will be confirmed by way of an announcement on Monday, 14 December 2020. UK shareholders are able to make an election to receive dividends in euro. The form for applying for such election can be obtained from the Company's UK registrars (Equiniti Limited) and any such election must be received by the Company no later than the close of business on Friday, 8 January 2021. The exchange rate for determining the interim dividend paid in sterling will be confirmed following the election cut off date by way of an announcement on Monday, 11 January 2021. Conversion to rand will take place on Friday, 18 December 2020.

Shares cannot be moved between the South African register and the UK register between Monday, 14 December 2020 and Monday, 11 January 2021, both days inclusive. Shares may not be dematerialised or rematerialised in South Africa between Wednesday, 6 January 2021 and Friday, 8 January 2021, both days inclusive.

The Company has a total of 133,734,686 shares in issue on the date of this announcement. The dividend will be distributed by the Company (UK tax registration number 21696 04839) and is regarded as a foreign dividend for shareholders on the South African register. In respect of South African shareholders, dividend tax will be withheld from the amount of the dividend noted above at the rate of 20% unless the shareholder qualifies for the exemption. Further dividend tax information for South African shareholders will be included in the exchange rate announcement to be made on Monday, 14 December 2020.

Jeff O'Dwyer

Schroder Real Estate Investment Management Limited Tel: 020 7658 6000

Ria Vavakis

Schroder Investment Management Limited Tel: 020 7658 2371

Dido Laurimore / Richard Gotla

FTI Consulting Tel: 020 3727 1000