SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC - Property Portfolio Valuation

Property Portfolio Valuation

Schroder European Real Estate Investment Trust plc
(Incorporated in England and Wales)
Registration number: 09382477
JSE Share Code: SCD
LSE Ticker: SERE
ISIN number: GB00BY7R8K77
(“Company”)

                                PROPERTY PORTFOLIO VALUATION

Schroder European Real Estate Investment Trust plc, the company investing in real estate in European
growth cities, today provides an update on the independent valuation of the property portfolio as at
31 December 2022:

    -   The direct property portfolio was independently valued at €211.5 million, reflecting a slight
        like-for-like decrease over the quarter of -3.3%, or €7.2 million (see footnote 1 below). This
        change was primarily driven by circa 25 basis points of outward yield movement, increasing the
        portfolio net initial yield to 6.0%, which more than offset the positive impact of rental growth.

    -   With 100% of the portfolio leases subject to indexation, rising inflation is starting to contribute
        to rental growth and will increasingly mitigate further value declines.

    -   Based on 31 December 2022 values and following the recent refinancing of the
        Hamburg/Stuttgart loan, the portfolio loan-to-value (“LTV”) is approximately 32% based on
        gross asset value and 22% net of cash.

    -   The Company is well positioned with significant cash reserves, with potential investable fire
        power of up to approximately €50 million, including further gearing.

Footnote 1: In addition, the Company has a 50% interest in a joint venture in Seville which continues
            to be recognised at nil interest


Enquiries:

Jeff O’Dwyer
Schroder Real Estate Investment Management Limited                  Tel: 020 7658 6000

Shilla Pindoria
Schroder Investment Management Limited                              Tel: 020 7658 6000

Dido Laurimore/Richard Gotla/Ollie Parsons
FTI Consulting                                                      Tel: 020 3727 1000

The Company has a primary listing on the London Stock Exchange and a secondary listing on the
JSE Limited.

London
17 January 2023

JSE Sponsor
PSG Capital

Date: 17-01-2023 09:00:00
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