Schroder Eur Real Est Inv Trust PLC Property Portfolio Valuation (1191Q)
16 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMSERE
RNS Number : 1191Q
Schroder Eur Real Est Inv Trust PLC
16 October 2023
16 October 2023
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 as at 30 September 2023:
- The direct property portfolio was independently valued at
EUR214.1 million. The like-for-like decrease over the quarter of
-1.9%, or -EUR4.2 million, (1) was driven by continued outward
yield movement, as investor sentiment continues to be affected by
the higher interest rate backdrop.
- The portfolio office assets (32%(2) ) witnessed a marginal
valuation decline of -EUR0.75 million, or -0.9%. The St Cloud,
Paris yield was unchanged, whilst Hamburg and Stuttgart saw a
decline of c.10 basis points and 35 basis points respectively, with
the latter offset by rental growth, reflecting the tight market
supply.
- The portfolio industrial assets (30%(2) ) witnessed a
valuation decline of -EUR1.9 million or -2.6%, driven by c.25 basis
points of outward yield shift across the French logistics portfolio
and select Dutch investments.
- The German retail portfolio witnessed a valuation decline of
-EUR1.5 million, or -3.6%, solely as a result of a 25 basis points
outward yield shift in the Berlin DIY investment.
- Based on 30 September 2023 values and following the recent
Dutch industrial loan refinancing, the portfolio LTV is
approximately 33% based on gross asset value and 24% net of cash
(30 June 2023 LTV 31% gross and 23% net of cash).
- The Company remains well positioned with significant cash reserves and is reviewing select sustainability-led capex initiatives in the portfolio, which should optimise earnings growth and asset liquidity.
(1) In addition, the Company has a 50% interest in a joint
venture in Seville which continues to be recognised at nil
value
(2) Including available cash
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
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END
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