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Share buyback programme
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
("SEREIT"/ the "Company" / "Group")
Share buyback programme
Schroder European Real Estate Investment Trust Plc, the company investing in European growth
cities, announces that it has entered into a discretionary agreement with Panmure Liberum
Limited ("Panmure Liberum") to act as its broker to commence market purchases of its Ordinary
Shares (the "Buyback Programme").
As of 30 September 2024, the Company holds approximately €25 million in cash, with a net loan-
to-value ratio of around 25.0%. The upcoming sale of the Frankfurt grocery investment,
scheduled for completion on 31 March 2025 is anticipated to elevate cash reserves to
approximately €28 million and decrease net loan-to-value to about 21%. Given this robust
financial standing, the Board and Investment Manager believe that purchasing the Company's
Ordinary Shares at the current price, which reflects a discount to net asset value, presents an
attractive opportunity for shareholders. Consequently, the Company plans to launch the
Buyback Programme utilising its own cash resources. In conjunction with this initiative, the focus
will remain on enhancing the portfolio's income and asset quality through proactive asset
management.
The Buyback Programme will be conducted under the authority granted at the Company's annual
general meeting held on 18 March 2024, permitting the repurchase of up to 20,046,829 of its
Ordinary Shares (the total outstanding shareholder authority). This authority is valid until the next
annual general meeting, at which the Company will seek to renew this authority.
The Buyback Programme will be conducted in compliance with Chapter 12 of the Financial
Conduct Authority's UK Listing Rules and with certain pre-set parameters including as to price
and volume prescribed by the Market Abuse Regulation 596/2014 and the MAR buyback technical
standards (Commission Delegated Regulation (EU) 2016/1052) (the "Technical Standards"), both
of which form part of Retained EU law (as defined in the UK's European Union (Withdrawal) Act
2018) and the Market Abuse (Amendment) (EU Exit) Regulations 2019).
While the Company has not established a maximum payment for the Ordinary Shares, it cannot
purchase Ordinary Shares under the Buyback Programme at a price that exceeds the net asset
value of those shares.
Any repurchase of Ordinary Shares will be announced no later than 7:30 a.m. on the business day
following the day on which the repurchase occurred.
Enquiries:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Natalia de Sousa
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
17 January 2025
JSE Sponsor
PSG Capital
Date: 17-01-2025 09:00:00
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