Schroder Eur Real Est Inv Trust PLC Property portfolio valuation and rent update (6914O)
October 12 2021 - 1:00AM
UK Regulatory
TIDMSERE
RNS Number : 6914O
Schroder Eur Real Est Inv Trust PLC
12 October 2021
12 October 2021
PROPERTY PORTFOLIO VALUATION AND RENT COLLECTION 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 the independent
valuation of the property portfolio and rent collection as at 30
September 2021:
- The direct property portfolio was independently valued at
EUR201.1 million, reflecting a like for like increase over the
quarter, excluding the impact of the two recently announced
acquisitions in Nantes and St Cloud, of 1.1%, or EUR2.2 million. In
addition, the Company has a 50% interest in a joint venture in
Seville which continues to be recognised at nil interest
- The valuation increase over the quarter was primarily driven by:
o Improved yield re-rating at the Hamburg office investment,
delivering a valuation increase of EUR1.2 million, or 5.5%
o Improved ERV growth and yield re-rating at the Stuttgart
office investment, delivering a valuation increase of EUR1.1
million, or 5.6%
- Approximately 95% of rent due for the quarter ended 30
September 2021 has been collected. This is an increase on the March
(92%) and June (94%) 2021 quarters
- The Company has previously announced its intention to declare
two further distributions with a target of approximately 4.75 cents
per share each, by way of special dividend, over the next nine
months, allowing shareholders to benefit from the profit associated
with the successful execution of the Paris, Boulogne-Billancourt
business plan.
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/Ollie Parsons
FTI Consulting Tel: 020 3727 1000
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