Rent collection and valuation update

12 January 2021

RENT COLLECTION AND PROPERTY PORTFOLIO VALUATION UPDATE

Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today provides an update on rent collection, alongside a quarterly independent valuation of the property portfolio as at 31 December 2020.

- Approximately 89% of rent due for the quarter ending 31 December 2020 has been collected, which is ahead of the amount collected in the previous two quarters of 87%

- As at 31 December 2020, the property portfolio was independently valued at €276.1 million, an increase of 2.8%, or €7.51 million, on the 30 September 2020 valuation of €268.6 million. Net of the €4.6 million capital expenditure invested in the refurbishment of Boulogne Billancourt over the quarter, the valuation increase is €2.91 million, or 1.4%

- Excluding the Boulogne-Billancourt capital investment, the like-for-like valuation increase during the quarter was driven by a number of asset management initiatives which included:

o Two new lease agreements, for five and six years respectively, for a further floor and part floor at its Hamburg office investment, representing c. 10% of the lettable area. This resulted in a valuation increase of €1.2 million or 6.5%

o Yield compression and ERV growth across a number of the industrial assets in the portfolio. This resulted in a valuation increase of €1.41 million or 3.0%

o The value of SERE's 50% interest in the Seville shopping centre declined marginally by €50,000 or 0.2%. The opening of the recently expanded and refurbished Mercadona supermarket has assisted in limiting the decline. This asset is the only asset in the portfolio where the valuers continue to adopt a material uncertainty clause

- The Company remains prudently geared with a loan to value, net of cash, of approximately 25% as at 31 December 2020, with no debt maturity before 2023.

The 31 December 2020 unaudited NAV and dividend will be announced in early March 2021.

Enquiries:

Jeff O'Dwyer / Andrew MacDonald

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