Schroder Eur Real Est Inv Trust PLC MARKET UNCERTAINTY AND STRATEGIC POSITIONING (1822H)
23 Marzo 2020 - 11:18AM
UK Regulatory
TIDMSERE
RNS Number : 1822H
Schroder Eur Real Est Inv Trust PLC
23 March 2020
23 March 2020
MARKET UNCERTAINTY AND STRATEGIC POSITIONING
This is an update due to the market uncertainty relating to
Covid-19 (Coronavirus). The following key points underpin Schroder
European Real Estate Investment Trust plc's ("SEREIT"/ the
"Company" / "Group") defensive position during this period of
uncertainty:
-- Diversified: The SEREIT portfolio comprises 13 assets and
approximately 100 tenants across multiple countries, winning cities
and sectors, with a broad spread of lease expiries.
-- Stable balance sheet: Loan to value of c. 30% LTV as at 31
December 2019 is within the target range with no loan maturities
until 2023.
-- Office / industrial / mixed use data centre exposure : c.75%
of the portfolio invested in business space assets in cities such
as Paris, Stuttgart and Hamburg. These assets are let at affordable
rents to tenants across a range of industries and located in
winning cities and regions with diverse economies.
-- Limited retail exposure: Retail represents c. 25% of the
portfolio of which 15% is invested in a Lidl supermarket in
Frankfurt and a Hornbach DIY unit in Berlin let for c. 5 and 6
years respectively. The Metromar Shopping Centre in Seville
represents 10% of the portfolio value.
-- Local market presence: Schroders local market presence brings
us closer to our tenants, to understand how each of them will be
impacted, what support we can provide and the potential effects on
the portfolio.
The Manager continues to be focused on active management to
improve the defensive characteristics of the portfolio. The Company
remains an attractive and differentiated long term investment
proposition given its underlying diversification and exposure to
those winning cities and regions in Continental Europe.
In light of the rapidly evolving situation, all forthcoming RICS
independent valuations as at 31 March 2020 will include a statement
highlighting Material Valuation Uncertainty - such wording to be
applied to all independent valuations and this is industry wide.
Accordingly, the Company's Independent Valuers have informed us
that that the industry standard wording as at 31 March 2020 will
include a statement highlighting Material Valuation
Uncertainty.
The Company will announce its half year results for the six
month period ending 31 March 2020 in June 2020. There will be an
event for analysts and investors on the morning of the results. For
details of the meeting, please contact FTI Consulting.
For further information:
Schroder European Real Estate Investment
Management Limited:
Duncan Owen / Jeff O'Dwyer 020 7658 6000
Schroder Investment Management Limited:
Ria Vavakis 020 7658 2371
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FTI Consulting:
Dido Laurimore / Richard Gotla 020 3727 1000
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END
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