Issue of Equity and Repurchase into Treasury

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY ORINDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTHAFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL OR TO U.S.PERSONS. Schroder Real Estate Investment Trust Limited 5 March 2015 Issue of equity and repurchase into treasury The board of Schroder Real Estate Investment Trust Limited (the "Company")announces that on 4 March 2015 it issued 47,151,340 ordinary shares (the"Shares") under the Placing Programme (as described in the Company'sProspectus, dated 20 March 2014) at a price of 56.1 pence per share equivalentto the net asset value ("NAV") per share as at 31 December 2014 as publishedon 28 January 2015. These same shares will be immediately repurchased by the Company, at the sameprice (being the latest published NAV per share), to be held in treasury. TheShares held in treasury will be available to be sold to meet ongoing marketdemand. These shares will be issued at a premium to the prevailing NAV pershare. The net cash position of the Company, following these transactions,remains unchanged. Application has been made to the FCA for admission of the Shares to theOfficial List. Application has also been made for the Shares to be admitted totrading on the London Stock Exchange. It is expected that Admission will becomeeffective and that unconditional dealings in the Shares will commence on themain market for listed securities of the London Stock Exchange at 8.00 a.m.(London time) on 10 March 2015. Following Admission, the number of ordinary shares that the Company has inissue will be 565,664,749 of which 47,151,340 ordinary shares are held intreasury. The total number of voting rights of the Company will be 518,513,409and this figure may be used by shareholders as the denominator for thecalculations by which they will determine if they are required to notify theirinterest in, or a change to their interest in the Company, under the Disclosureand Transparency Rules. For further information: Schroder Property Investment Management Limited:Duncan Owen / Nick Montgomery020 7658 6000 Northern Trust:David Sauvarin01481 745529 J.P. Morgan Cazenove:William Simmonds020 7742 4000 Numis Securities:David Benda020 7260 1000 FTI Consulting:Dido Laurimore / Ellie Sweeney020 3727 1000 Capitalised terms used but not defined in this announcement will have thesamemeaning as set out in the prospectus to Shareholders dated 20 March2014 (as amended). Copies of that prospectus, together with anysupplementary prospectuses relating thereto, are available from theCompany's website: www.srei.co.uk .