SREI Schroder Real Estate Investment Trust Limited

Schroder Real Estate Investment Trust Limited
("SREIT"/ the "Company" / "Group")

ASSET MANAGEMENT UPDATE

Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, provides an update on recent asset management activity across its portfolio.

Since the year end at 31 March 2020, 19 lettings, renewals and reviews have completed across the portfolio with a total rent of £1.9 million per annum.  This activity generated additional contracted rental income of approximately £270,000 per annum compared with the position at the year end.  The most recent activity is outlined below.

Edinburgh, The Tun (multi-let office)

• The lease to the British Broadcasting Corporation (‘BBC’), the largest tenant at the Tun, has been extended by five years to October 2021.  The lease includes a fixed increase in 2021 from the passing rent of £195,500 to £225,000 per annum.

• In return the BBC receive six months rent free and the Company will complete improvement works at a costs of £675,000.

• The rent review with the World Wildlife Fund was agreed at £52,400 per annum, reflecting a 44% increase on the prior rent.

• The rent review with the Edinburgh University Press was agreed at £67,900 per annum, a 30% increase on the prior rent.

Milton Keynes, Stacey Bushes (multi-let industrial estate)

• The rent review with The New Factory Limited has been agreed at £114,751 per annum, or £7 per sq ft, compared with the prior passing rent of £94,260. This represented a 22% increase.

• The rent review with Blackened Sun Brewing Limited has been agreed at £14,440 per annum, or £9.50 per sq ft, compared with the prior passing rent of £13,700. This represented a 5% increase.

Balance sheet

• The Company has a strong balance with a net loan to value ratio of 24% as at 30 June 2020 and current cash of £85.4 million.

-ENDS-

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