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Property portfolio valuation
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
(the "Company")
13 July 2026
PROPERTY PORTFOLIO VALUATION
Schroder European Real Estate Investment Trust plc, the Company investing in real estate in
European growth cities, today provides a valuation update of its property portfolio as at 30
June 2026:
• The property portfolio was independently valued at €185.1 million (31 March
2026: €192.6 million), representing a €7.5 million decrease, or -3.9%, over the
quarter.
• The decline reflects weaker investment demand, particularly for secondary offices,
driven by heightened macroeconomic uncertainty, alongside inflation and interest-
rate concerns. This resulted in further outward yield pressure and more conservative
valuation assumptions.
• Key movements included:
o St Cloud, Paris (office): valuation decreased by €3.9 million (-11.0%),
reflecting recent office market evidence in the vicinity. The exit yield and
discount rate increased by 100 basis points. The asset's net initial yield is
now 9.5% reflecting the increasingly polarised nature of office markets.
o Hamburg (office): valuation decreased by €0.9 million (-4.5%), primarily
reflecting a 50 basis point increase in the discount rate.
o Stuttgart (office): valuation decreased by €0.8 million (-4.2%), driven
principally by a 25 basis point increase in the discount rate.
o Rumilly (industrial): valuation decreased by €0.6 million (-4.7%), by higher
forecast capital expenditure to improve the asset's sustainability credentials.
o Rennes (industrial): valuation decreased by €0.8 million (-4.2%), reflecting 25
basis points increases in both the exit yield and discount rate to better reflect
weakening market conditions.
o Prior valuations of the mixed-use data centre in Apeldoorn had already
reflected KPN's expected departure at the end of 2026. Accordingly, the
quarterly decrease of €0.4 million (-3.7%) is attributable solely to the
shortening of the remaining lease term.
• As announced on 24 June 2026, the Board intends to present formal proposals to
shareholders for a managed wind-down of the Company. The managed wind-down
process is expected to take approximately two to three years to complete. This
timeframe provides flexibility to implement targeted asset management initiatives that
will enhance value, reduce execution risk and improve liquidity, helping to maximise
shareholder value.
-Ends-
Enquiries:
Jeff O'Dwyer Tel: 020 7658 6000
Schroder Real Estate Investment Management Limited
Michelle Taiwo Tel: 020 7658 6000
Schroder Investment Management Limited
Richard Gotla/Oliver Parsons Tel: 020 3727 1000
FTI Consulting
The Company has a primary listing on the London Stock Exchange and a secondary listing
on the JSE Limited.
JSE Sponsor
PSG Capital
Date: 13-07-2026 08:00:00
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