SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC - Property Portfolio Valuation

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
("Company")

                          PROPERTY PORTFOLIO VALUATION

Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the
company investing in real estate in European growth cities, today provides an update on
the independent valuation of the property portfolio as at 31 December 2023:

-   The direct property portfolio was independently valued at €210.2 million. The like-
    for-like decrease over the quarter of -1.8%, or -€3.9 million (see footnote 1 below),
    was driven by continued outward yield movement, particularly for offices and select
    industrial.

-   The portfolio office assets (33% - see footnote 2 below) witnessed a valuation decline
    of -€2.1 million, or -2.5%. The St Cloud, Paris office saw a yield decline of 15 basis
    points, whilst Hamburg and Stuttgart declined c.13 basis points and 10 basis points
    respectively.

-   The portfolio industrial assets (30% - see footnote 2 below) witnessed a valuation
    decline of -€0.9 million or -1.2%, driven by c.15-25 basis points of outward yield shift
    across the French logistics portfolio and select Dutch investments.

-   The German retail portfolio (17% - see footnote 2 below) valuation remained
    unchanged with both DIY and grocery seeing strong investor demand.

-   Valuations for the two alternative investments (9% - see footnote 2 below) witnessed
    a valuation decline of €1.0 million, or -4.3%, as a result of 25-50 basis points of
    outward yield shift.

-   Based on 31 December 2023 values and following the recent St Cloud office loan
    refinancing and de-leveraging, the portfolio LTV is approximately 33% based on
    gross asset value and 24% net of cash (30 September 2023 LTV 33% gross and 24%
    net of cash).
-   The Company remains well positioned with significant cash reserves and is
    continuing to review select sustainability-led capex initiatives in the portfolio, which
    should optimise earnings growth and asset liquidity.

      Footnote 1: In addition, the Company has a 50% interest in a joint venture in Seville which continues to be recognised at nil value
      Footnote 2: Including available cash



Enquiries:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited                                                          Tel: 020 7658 6000

Shilla Pindoria
Schroder Investment Management Limited                                                                      Tel: 020 7658 6000

Dido Laurimore/Richard Gotla/Ollie Parsons
FTI Consulting                                                                                              Tel: 020 3727 1000

The Company has a primary listing on the London Stock Exchange and a secondary
listing on the JSE Limited.

London
12 January 2024

JSE Sponsor
PSG Capital

Date: 12-01-2024 09:00:00
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