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
10 February 2021
Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), today provides an update with
regard to the Metromar shopping centre in Seville, which it owns in a 50/50 Joint Venture.
The Company has been notified that one of the fashion anchor tenants will exercise its lease termination right.
This termination accounts for approximately 3,000 sqm (14%) of the total space. The rent due will continue to
be collected until the end of July 2021. Current occupancy at the centre is 84%.
SERE’s 50% interest in Metromar Seville represented c. 3.6% or €7.4m of the last published 30 September 2020
NAV. An updated valuation will be carried out as at 31 March 2021, which will reflect the potential vacancy.
Based on the 31 December 2020 valuation, the asset level LTV was 55%, providing 8.4% headroom to the LTV
covenant of 60%. As previously stated, the income from the centre was already subject to a cash trap with the
lender and therefore any reduction in income from this vacancy will not have a material impact on the
Company’s current dividend expectations. The debt secured against the asset has no recourse back to the
Company or any other property in the portfolio.
SERE’s retail exposure is 21.8% of the portfolio by value, across three investments. Alongside Metromar (7.7%
by value), the Company also owns a DIY unit in Berlin (10.0% by value) leased to Hornbach and a grocery unit in
Frankfurt (4.1%) leased to Lidl. Both of these assets have performed well since the onset of the pandemic,
achieving c. 100% rent collection and valuation uplifts. The Company remains prudently geared with an overall
loan to value, net of cash, of approximately 25% as at 31 December 2020, with no debt maturities before 2023.
Jeff O’Dwyer / Andrew MacDonald
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Schroder Investment Management Limited Tel: 020 7658 2371
Dido Laurimore/Richard Gotla/Methuselah Tanyanyiwa
FTI Consulting Tel: 020 3727 1000
Schroder European Real Estate Investment Trust plc has a primary listing on the London Stock Exchange and a
secondary listing on the JSE Limited.
Date: 10-02-2021 12:00:00
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