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
(“SERE”/ “the Company”)

                               PROPERTY PORTFOLIO VALUATION

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 June 2022:

   -   The direct property portfolio was independently valued at €218.4 million, reflecting a marginal
       like for like decrease over the quarter of -0.4%, or -€0.9 million, excluding the impact of a
       recently acquired car showroom in Cannes, France (valued at €8.3 million). In addition, the
       Company has a 50% interest in a joint venture in Seville which continues to be recognised at
       nil interest.

   -   The majority of the portfolio’s valuation change was driven by:

               o   Increased vacancy assumptions at the Paris, St Cloud office investment, resulting
                   in a valuation decrease of -€0.5 million, or -1.2%;

               o   Increase in the capital expenditure provision for the upgrading of heating, air
                   conditioning and renewable energy at the Houten industrial investment in the
                   Netherlands, being the main driver of a valuation decrease of -€0.5 million, or -
                   5.6%;

               o   Five-year lease extension for c. 1,000 sqm, equating to c.20% of the floorspace, at
                   the Stuttgart office investment, delivering a valuation increase of €0.3 million, or
                   1.4%.

   -   With 100% of the portfolio leases subject to indexation, rising inflation is starting to contribute
       to rental growth.

   -   Approximately 100% of rent due for the quarter ended 30 June 2022 has been collected from
       the direct property portfolio.

   -   The Company has significant cash reserves and potential investable fire power of
       approximately €50 million including further gearing.


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

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

London
14 July 2022

JSE Sponsor
PSG Capital

Date: 14-07-2022 01:30:00
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