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
("SEREIT" or the "Company" or the "Group")


                          PROPERTY PORTFOLIO VALUATION

 INDUSTRIAL VALUATION GROWTH CONTINUES TO UNDERPIN OVERALL PORTFOLIO
                              VALUATION

Schroder European Real Estate Investment Trust plc, 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 March 2025.

   •   The direct investment property portfolio was independently valued at €194.0
       million, reflecting a marginal like-for-like decrease of -0.3%, or €0.6 million, over
       the quarter, with robust industrial portfolio valuations continuing to offset
       declines in other sectors, primarily driven by shortening lease terms.
   •   In addition, the €11.80 million sale of the Company's grocery asset in Frankfurt
       will complete this month, net of expected transaction costs.
   •   The industrial portfolio valuation increased 1.8% (€1.3 million), driven by a
       combination of continued positive investment sentiment and rental value
       increases. The assets in Venray I (5%), Nantes (5%), Utrecht (5%), Rumilly (2%),
       and Venray II (1%) all saw valuation growth during the quarter.
   •   Office portfolio valuations declined 0.9% (-€0.5 million), a significantly smaller
       decline versus the previous quarter (2.4%). The Hamburg asset value declined 4%
       (-€0.9 million) primarily due to outward yield movement. This reduction was
       partially offset by the Paris asset value increasing 1% (+€0.4 million), as a result of
       index-linked rents delivering income growth.
   •   Following the Frankfurt sale, the Berlin DIY store is the sole retail asset in the
       portfolio. Its value decreased by 2% (€0.6 million), as valuers revised their cap
       rates owing to the short remaining lease term. Negotiations are in progress
       regarding a potential lease extension.
   •   Alternative portfolio valuations fell by 2.7% (€0.6 million), with the Cannes car
       showroom remaining unchanged, while the mixed-use data centre in Apeldoorn
       declined by €0.6 million, or -4%, due to the decreasing remaining lease term.
   •   In line with best practice and governance, the Company will be changing valuers
       from Knight Frank to Savills effective from 30 June 2025. Savills has conducted a
         shadow valuation of the Company's portfolio as of 31 March 2025, resulting in a
         valuation consistent with that of Knight Frank.

-Ends-

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.

14 April 2025

JSE Sponsor
PSG Capital

Date: 14-04-2025 08:00:00
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