Sharenet Sites 
Sharenet Sites
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 March 2023:
- The direct property portfolio was independently valued at €220.2 million, reflecting a marginal like-for-
like decrease over the quarter of -1.3%, or -€2.8 million (see footnote 1 below), excluding the recent
acquisition of an industrial warehouse in Alkmaar, located in the Netherlands and valued at €11.5
million. This change was primarily driven by circa 25 basis points of outward yield movement, which
more than offset the positive impact of rental growth, increasing the portfolio net initial yield to 6.2%.
- The portfolio office exposure (c. 34%- see footnote 2 below) comprises investments in Hamburg,
Stuttgart and Paris. Over the quarter, the marginal valuation decline for these assets has been mitigated
by market rental growth in the respective sub-markets, supporting the Company’s strategy of targeting
sub-markets that are supply constrained, benefit from competing demands and are accessible and
affordable. In addition, office occupancy figures in Continental Europe’s major cities are close to the pre-
pandemic European average of 70% (see footnote 3 below).
- Based on 31 March 2023 values and following the recent refinancing of the German Hamburg/Stuttgart
loan and proposed repayment of the French Rumilly loan, the portfolio loan-to-value (“LTV”) is
approximately 31% based on gross asset value and 23% net of cash.
- The Company remains well positioned with significant cash reserves, with potential investable fire power
of up to approximately €40 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 value
Footnote 2: Including cash
Footnote 3: Savills
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
13 April 2023
JSE Sponsor
PSG Capital
Date: 13-04-2023 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
