Rent collection and portfolio valuation update

13 April 2021

RENT COLLECTION AND PROPERTY PORTFOLIO VALUATION UPDATE

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 rent collection, alongside an independent valuation of the property portfolio as at 31 March 2021.

- Approximately 93% of rent due for the quarter ended 31 March 2021 has been collected, which is ahead of the amount collected in the previous two quarters of 89%

- As at 31 March 2021, the property portfolio was independently valued at €274.3 million, a decrease of 0.6%, or €1.8 million, on the 31 December 2020 valuation of €276.1 million. Net of approximately €1.4 million of capital expenditure invested in the refurbishment of Boulogne-Billancourt over the quarter, the valuation decreased by €3.2 million, or 1.2%

- Excluding the Boulogne-Billancourt capital investment, the like-for-like valuation movement during the quarter was driven by the following:

o Improved yield re-rating at the Berlin DIY investment, delivering a valuation increase of €1.1 million, or 4.0%

o Improved yield re-rating across the industrial portfolio, delivering a valuation increase of €1.9 million, or 3.9%. As at 31 March 2021, SERE's industrial exposure represents 19% of the portfolio by value

o The value of SERE's 50% interest in the Seville shopping centre declined by €6.2 million. This reflects the recent increase in vacancy, declining ERVs and increase in risk to trading at shopping centres from the pandemic in general, which has increased pressure on the yield of the Seville asset as well. The majority of this decline had been reflected in the 31 December 2020 NAV, with the remaining exposure to this asset now representing 2.9% / €5.8M of the NAV. This is the only asset in the portfolio where the valuers continue to adopt a material uncertainty clause

- The bank which is financing the Seville property has indicated that it expects to instruct a new valuation to formally test the Loan-to-Value ("LTV") covenant in June 2021, which, based on the Company's revised asset value, is likely to show that the 60% LTV covenant has been breached. The loan is secured solely against the Seville investment, with no recourse back to the Group or any other property. SERE continues to work proactively with its lending partner regarding next steps and will provide a further update in due course

- The Company has an aggregated loan to value ratio of approximately 25% as at 31 March 2021, with no recourse to the Company and no debt maturity before 2023.

The Company will announce its half year results for the six months ended 31 March 2021 in early July.

Enquiries:

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/Methuselah Tanyanyiwa

FTI Consulting Tel: 020 3727 1000