Portfolio 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 10 February 2021 PORTFOLIO UPDATE Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), today provides an update with regard to the Metromar shopping centre in Seville, which it owns in a 50/50 Joint Venture. The Company has been notified that one of the fashion anchor tenants will exercise its lease termination right. This termination accounts for approximately 3,000 sqm (14%) of the total space. The rent due will continue to be collected until the end of July 2021. Current occupancy at the centre is 84%. SERE’s 50% interest in Metromar Seville represented c. 3.6% or €7.4m of the last published 30 September 2020 NAV. An updated valuation will be carried out as at 31 March 2021, which will reflect the potential vacancy. Based on the 31 December 2020 valuation, the asset level LTV was 55%, providing 8.4% headroom to the LTV covenant of 60%. As previously stated, the income from the centre was already subject to a cash trap with the lender and therefore any reduction in income from this vacancy will not have a material impact on the Company’s current dividend expectations. The debt secured against the asset has no recourse back to the Company or any other property in the portfolio. SERE’s retail exposure is 21.8% of the portfolio by value, across three investments. Alongside Metromar (7.7% by value), the Company also owns a DIY unit in Berlin (10.0% by value) leased to Hornbach and a grocery unit in Frankfurt (4.1%) leased to Lidl. Both of these assets have performed well since the onset of the pandemic, achieving c. 100% rent collection and valuation uplifts. The Company remains prudently geared with an overall loan to value, net of cash, of approximately 25% as at 31 December 2020, with no debt maturities before 2023. Enquiries: Jeff O’Dwyer / Andrew MacDonald Schroder Real Estate Investment Management Limited Tel: 020 7658 6000 Ria Vavakis Schroder Investment Management Limited Tel: 020 7658 2371 Dido Laurimore/Richard Gotla/Methuselah Tanyanyiwa FTI Consulting Tel: 020 3727 1000 Schroder European Real Estate Investment Trust plc has a primary listing on the London Stock Exchange and a secondary listing on the JSE Limited. JSE Sponsor PSG Capital Date: 10-02-2021 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.