Schroder Eur Real Est Inv Trust PLC Property Portfolio Valuation (0946G)
17 7월 2023 - 3:00PM
UK Regulatory
TIDMSERE
RNS Number : 0946G
Schroder Eur Real Est Inv Trust PLC
17 July 2023
17 July 2023
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 30 June 2023:
- The direct property portfolio was independently valued at
EUR218.4 million, reflecting a marginal like-for-like decrease over
the quarter of -0.8%, or -EUR1.8 million (1) , increasing the
portfolio net initial yield to 6.4%. The change partially reflects
the valuers increasing sustainability-led provisions across select
assets.
- The portfolio office assets (34%(2) ) witnessed a marginal
valuation decline of EUR2.0 million or 2.4%, reflecting additional
sustainability-led provisions, as well as valuers adjusting their
yield assumptions by c. 5-15 basis points.
- The portfolio industrial assets (30%(2) ) witnessed a marginal
valuation increase of EUR0.8 million or 1.2%, driven by ERV growth.
Yields have remained static.
- The German retail portfolio valuation was flat, whilst the
alternative investment portfolio declined EUR0.7m or 3.0%, as a
result of shortening unexpired lease terms and c.20-25 basis points
of outward yield movement.
- Based on 30 June 2023 values and following the recent
repayment of the French Rumilly loan, the portfolio LTV is
approximately 31% based on gross asset value and 24% net of cash
(31 March 2023 LTV 32% gross and 23% net of cash).
- The Company remains well positioned with significant cash reserves and is reviewing select sustainability-led capex initiatives in the portfolio, which will best optimise earnings growth and asset liquidity.
(1) In addition, the Company has a 50% interest in a joint
venture in Seville which continues to be recognised at nil
value
(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
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END
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