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Refinancing of French Logistics Debt Expiry
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 OF FRENCH LOGISTICS DEBT EXPIRY
Schroder European Real Estate Investment Trust plc, the Company investing in European growth
cities and regions, is pleased to announce that it has completed the refinancing of a €8.6 million
loan with the existing lender Saar LB, secured against its Rennes logistics investment.
The new five year facility is based on a margin of 1.6%, a slight increase from the existing 1.4%
margin and is due to expire 26 March 2029. The total interest cost has been fixed at 4.3% being
the five year euro swap rate (c. 2.7%) plus 1.6% margin.
With this new facility, the Company's third-party debt totals €82.5 million across seven loan
facilities. This represents a loan to value ('LTV') of c. 33% (see footnote 1) against the Company's
gross asset value (c.24%(see footnote 1) net of cash) and 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 portfolio's weighted average loan term increases by six months from
2.7 years as of 1 April 2024 to 3.2 years. The Company's blended all-in interest rate increases
marginally from 2.8% to 3.0%. The Company's next re-financing is in June 2026, secured against
its Berlin DIY and Frankfurt grocery investments.
Raphael Berdot, Lead Investment Manager for France at Schroder Real Estate Investment
Management Limited, commented:
"The lending appetite for well located, institutional quality logistics remains strong. With
competitive margins and swap rates falling, the overall debt cost remains accretive when
compared to the current asset valuation yield of c.6%. The availability of debt on competitive
terms gives support to current values and liquidity."
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
1. LTV based on 30 December 2023 independent valuations
The Company has a primary listing on the London Stock Exchange and a secondary listing on
the JSE Limited.
London
3 April 2024
JSE Sponsor:
PSG Capital
Date: 03-04-2024 08:00:00
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