Sharenet Sites 
Sharenet Sites
Refinancing Completed of Dutch Industrial Portfolio Loan, Below Existing Margin
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
SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC
("SEREIT"/ the "Company" / "Group")
REFINANCING COMPLETED OF DUTCH INDUSTRIAL PORTFOLIO LOAN, BELOW EXISTING MARGIN
Schroder European Real Estate Investment Trust plc, the Company investing in European growth
cities and regions, announces that it has completed a five-year debt refinancing secured against
the Company’s five-asset Dutch industrial portfolio.
The refinancing is based on a margin of 2.0%, which is 0.15% below the existing margin. Reflecting
the competitive terms offered by four different banks, the Company has elected to extend the
facility by a further €4.5 million, to €13.8 million, by adding two un-levered industrial assets in
Alkmaar and Venray as security.
The new facility has been fixed at c. 5.3% being the five-year euro swap rate (c. 3.3%) plus 2.0%
margin. The debt is accretive given the net initial yield of the Dutch industrial portfolio is c.6.2%.
Following this transaction, the Company’s third party debt totals €85.5 million across seven loan
facilities. The loan to value (‘LTV’) of c. 31% (see footnote 1 below) against the Company’s gross
asset value (c. 23% (see footnote 1 below) net of cash) is comfortably below the LTV prospectus
limit of 35% net of cash. All facilities are on a non-recourse lending basis.
Following draw down, the weighted average loan term increases by nine months to 2.6 years (as
of 30 September 2023). The Company’s blended all-in interest rate increases c. 30 basis points to
2.9%. The Company is having positive ongoing discussions regarding two debt expiries due in
2024.
Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited,
commented:
“Following on from the successful German office refinancing concluded at the end of 2022, the
terms of this new facility are a strong endorsement of our strategy and testament to the
relationships we have with existing financing partners as well as our reputation in the market.
The Company has a robust balance sheet, providing the necessary flexibility to deliver on our
strategy and react to changing market conditions as new opportunities arise.”
1. LTV based on 30 June 2023 independent valuations
-Ends-
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 Tel: 020 3727 1000
FTI Consulting
The Company has a primary listing on the London Stock Exchange and a secondary
listing on the JSE Limited.
London
2 October 2023
JSE Sponsor
PSG Capital
Date: 02-10-2023 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.
