Retail Warehouse Acquisition

19 November 2014 Schroder Real Estate Investment Trust Limited (the `Company') ACQUISITION OF RETAIL WAREHOUSE The Company announces that it has acquired a retail warehouse in Bletchley,Milton Keynes for £9.9 million, reflecting a net initial yield of 6.5%. Theproperty is let to Matalan Limited for a further 6.5 years at a rent of£675,800 per annum. The property comprises a freehold, 51,488 sq ft, retail warehouse in a prominentposition on the south side of Milton Keynes adjacent to the junction of WatlingStreet and the A5 dual carriageway. The property adjoins a Tesco superstore andis a short distance from complementary retail warehouse occupiers includingIKEA and retail parks such as Beacon Retail Park. The property has a flexible planning consent permitting all retail uses exceptfor food and has a site density of 35% with potential for futureintensification of use. The rent paid by Matalan equates to £13.14 per sq ftwhich compares to the rent at Beacon Retail Park of approximately £20 per sqft. Matalan have sublet 8,500 sq ft of the property to Carpetright Plc at a rentequating to £16.25 per sq ft. Following completion of the acquisition the Company has cash, after adjustingfor transaction costs and this quarter's dividend payment, of £15.6 million.This results in a net loan-to-value, based on the independent valuation as at30 September 2014, and prior to any equity raised under the proposed placingannounced on 17 November, of approximately 31%. For further information: Schroder Property Investment Management Limited: 020 7658 6000Duncan Owen / Nick Montgomery Northern Trust: 01481 745529David Sauvarin FTI Consulting: 020 3727 1000Dido Laurimore / Ellie Sweeney