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SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC - Business Update

Release Date: 28/05/2020 08:00
Code(s): SCD     PDF:  
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Business Update

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

28 May 2020

                                                Business Update

Schroder European Real Estate Investment Trust plc ("SEREIT"/the "Company"/"Group"), the company investing
in European growth cities, provides a further business update in light of the COVID-19 pandemic and prior to the
announcement of its half year results expected to be published towards the end of June 2020.

The Company continues to benefit from the diversification of its portfolio which comprises 13 assets, located in
the growth cities and regions of Continental Europe. The portfolio has approximately 100 tenants across a range
of sectors and benefits from being well balanced with approximately 75% in the office and industrial/data centre
sectors, in cities including Paris, Berlin, Frankfurt, Hamburg and Stuttgart.

Jeff O’Dwyer, Fund Manager, Schroder REIM, commented: “Already we are seeing the easing of lockdown
measures across the geographies that we operate in positively impacting on the portfolio. We are taking a
methodical approach to asset management, working closely with all our tenants to ensure we have a clear
pathway to income visibility, whilst taking measures to protect the long-term interests of our shareholders.”

Rent collection

As at the close of business on 20 May 2020, the Company had received payments on 83% of monthly rents in
respect of April and May 2020. The analysis between sectors for rent collection over April and May is as follows:
98% of office; 84% of industrial/data centre use; and 57% of retail and leisure. We continue to work closely with
a number of tenants to agree payment plans/rent deferral and or amendments to lease terms.

Portfolio update

Retail represents 25% of the portfolio, of which 15% is invested in a Lidl supermarket in Frankfurt and a Hornbach
DIY unit in Berlin, both of which have remained open for trade throughout. The Metromar Centre in Seville is
the sole shopping centre in the portfolio and represents 10% of the portfolio by value. The centre partly re-
opened on 25 May 2020 and the Company is implementing a plan and working with tenants to establish on-
going trading positions. The strategy is also focused on working with centre management and tenants to create
a safe environment for tenants and consumers.

The Company also continues to progress the previously announced refurbishment of its largest investment in
Paris which is leased to engineering and technology consulting specialist, Alten. There will be further updates as
we progress matters.

Dividend

As previously announced, the Board will continue to consider carefully future dividend payments, which are
under review in light of the short term cash position, in conjunction with longer term sustainable income
generated from the portfolio. This will be monitored and a decision will be taken as clarity improves around the
economic backdrop.

For further information:

Schroder European Real Estate Investment Management   020 7658 6000
Limited:
Duncan Owen / Jeff O'Dwyer
Schroder Investment Management Limited:               020 7658 2371
Ria Vavakis
FTI Consulting:                                       020 3727 1000
Dido Laurimore / Richard Gotla

JSE Sponsor
PSG Capital

Date: 28-05-2020 08:00:00
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