TIDMSERE
RNS Number : 1175N
Schroder Eur Real Est Inv Trust PLC
28 September 2021
28 September 2021
ANNOUNCEMENT OF NAV AND DIVID
Schroder European Real Estate Investment Trust plc ("SERE" or
the "Company") provides a business update and announces its
unaudited net asset value ("NAV") as at 30 June 2021, together with
its third interim dividend for the year ending 30 September
2021:
- Unaudited NAV as at 30 June 2021 of EUR198.6 million or 148.5
cents per share, a 0.8% increase compared to 31 March 2021
- NAV total return of 1.8% over the quarter and 15.5% for the twelve months to 30 June 2021
- Portfolio valuation has increased to EUR204.7 million over the
quarter, reflecting a 0.9% increase, net of capital expenditure
- A third interim dividend of 1.85 euro cents per share will be
paid for the year ending 30 September 2021
- Completed the acquisition of a EUR6.2 million logistics
investment in Nantes, reflecting a NIY of 5.5%, furthering the
portfolio exposure to the high growth logistics sector.
- The Company currently has c. EUR20 million of firepower to
deploy into an attractive pipeline of acquisitions and a further c.
EUR35 million to be released as the refurbishment of the Paris,
Boulogne-Billancourt is completed
- Agreed a new letting for the final floor at the Hamburg
office, at a c. 10% premium to the business target and taking the
building occupancy to 100%
- The Company has previously announced its intention to declare
two further distributions with a target of approximately 4.75 cents
per share each, by way of special dividend, over the next 9 months,
allowing shareholders to benefit from the profit associated with
the successful execution of the Paris, Boulogne-Billancourt
business plan.
Net Asset Value
The table below provides a breakdown of the movement in NAV
during the reporting period:
EURm (1) Cps (2) % (3)
Brought forward NAV as at 1 April 2021 197.1 147.4
Unrealised gain in valuation of the property
portfolio 2.3 1.7 1.2
Capital expenditure (0.2) (0.1) (0.1)
Paris (B-B) development profit - - -
Movement on Seville JV investment - - -
EPRA earnings 2.2 1.6 1.1
Non-cash items (0.7) (0.5) (0.3)
Dividend paid (2.1) (1.6) (1.1)
NAV as at 30 June 2020 198.6 148.5 0.8
(1) Management reviews the performance of the Company
principally on a proportionally consolidated basis. As a result,
figures quoted in this table include the Company's share of joint
ventures on a line-by-line basis and exclude non-controlling
interests in the Company's subsidiaries.
(2) Based on 133,734,686 shares
(3) % change based on starting NAV 1 April 2021
Interim dividend
The Company announces its third interim dividend for the year
ending 30 September 2021 of 1.85 euro cents per share, equating to
pre-covid dividend level which was reinstated for the quarter
ending March 2021. Based on the current share price of 106 pence
per share, the June dividend represents an annualised rate of 6.0%
[1] .
For the nine months ending June 2021 dividends declared total
5.27 euro cents per share and the dividend cover for the financial
year will be ca 70%. In line with the business plan, the dividend
will continue to be supplemented from the Paris Boulogne
Billancourt sale profits with the Company achieving 100% cover from
income once all the sale proceeds are re-deployed.
As previously announced, the intention is to declare two further
distributions with a target of approximately 4.75 cents per share
each by way of special dividend over the next nine months, allowing
shareholders to benefit from the exceptional profit associated with
the successful execution of the Boulogne-Billancourt business
plan.
The third interim dividend payment will be made on Monday, 8
November 2021 to shareholders on the register on the record date of
Friday, 22 October 2021. In South Africa, the last day to trade
will be Tuesday, 19 October 2021 and the ex-dividend date will be
Wednesday, 20 October 2021. In the UK, the last day to trade will
be Wednesday, 20 October 2021 and the ex-dividend date will be
Thursday, 21 October 2021.
The interim dividend will be paid in GBP to shareholders on the
UK register and Rand to shareholders on the South African register.
The exchange rate for determining the interim dividend paid in Rand
will be confirmed by way of an announcement on Monday, 4 October
2021. UK shareholders are able to make an election to receive
dividends in Euro rather than GBP should that be preferred. The
form for applying for such election can be obtained from the
Company's UK registrars (Equiniti Limited) and any such election
must be received by the Company no later than Friday, 22 October
2021. The exchange rate for determining the interim dividend paid
in GBP will be confirmed following the election cut off date by way
of an announcement on Monday, 25 October 2021.
Shares cannot be moved between the South African register and
the UK register between Monday, 4 October 2021 and Friday, 22
October 2021, both days inclusive. Shares may not be dematerialised
or rematerialised in South Africa between Wednesday, 20 October
2021 and Friday, 22 October 2021, both days inclusive.
The Company has a total of 133,734,686 shares in issue on the
date of this announcement. The dividend will be distributed by the
Company (UK tax registration number 21696 04839) and is regarded as
a foreign dividend for shareholders on the South African register.
In respect of South African shareholders, dividend tax will be
withheld from the amount of the dividend noted above at the rate of
20% unless the shareholder qualifies for the exemption. Further
dividend tax information for South African shareholders will be
included in the exchange rate announcement to be made on Monday, 4
October 2021 .
Rent collection
The portfolio has continued to demonstrate its income resilience
throughout the Covid-19 pandemic, with rent collection remaining
strong at approximately 94% for the first six months of 2021 and
subsequent period, ahead of the 89% figure for the last six months
of 2020.
Property portfolio valuations
- As at 30 June 2021, the property portfolio was independently
valued at EUR204.7 million, an increase of 0.9%, or EUR1.8 million,
on the 31 March 2021 valuation of EUR202.9 million. Excluding the
50% interest in Metromar Seville, which has now been reflected at
nil in the balance sheet, the portfolio value increased by EUR2.3
million, or 1.2%
- The valuation increase over the quarter was primarily driven
by achieving full occupation at the Hamburg office investment
alongside an improved yield re-rating and ERV growth (+EUR1.9
million, or 9.5%) and ERV growth at the Stuttgart office investment
(+EUR1.0 million, or 5.4%).
Transactions
- The Company currently has c. EUR20 million firepower to deploy
into an attractive pipeline and a further c. EUR35 million for
investment, including debt, released as the refurbishment of the
Paris, Boulogne-Billancourt is completed. The Company is in various
stages of the acquisition process regarding new investments that
will diversify and strengthen its exposure to growth cities and
regions and sectors
- Post period, the Company completed two purchases totalling EUR9 million:
- a EUR6.2 million logistics investment in Nantes, reflecting a
net initial yield of 5.5% and an unexpired lease term of
approximately 7 years
- an additional floor at the Paris Saint Cloud office asset
which is yielding 7.5%, for EUR2.4 million.
Asset Management update
Key asset management initiatives during the most recent quarter
include:
- Advancing the Paris Boulogne Billancourt office refurbishment.
A further EUR1.5 million was invested over the quarter with a
further EUR19 million remaining to complete the works. Completion
remains on track for Q2 2022. There remains a further EUR6 million
of pre tax profit to be released in the NAV. This will be released
as the refurbishment nears completion. Approximately 50% of the
sale proceeds have already been received as part of the forward
funding agreement with the purchaser. The remainder will be
received as refurbishment milestones are met through to
completion
- At its Hamburg office investment, the Company has leased the
final vacant office floor totalling 672 sqm. The new lease has been
agreed on a six-year term and represents 14% of the Hamburg
lettable area. The rent achieved is at a c. 10% premium to the
business target. The building is now 100% let to seven office
occupiers
- The Company's retail exposure in Berlin (DIY) and Frankfurt
(Grocery) represents 15% of the portfolio value and continues to
perform strongly, achieving c. 100% rent collection in 2020 and in
the first half 2021 alongside valuation uplifts. SERE continues to
work with retailers to optimise occupancy in the Seville shopping
centre including reviewing alternate use options for vacant space
and a disposal strategy.
Enquiries:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Ria Vavakis
Schroder Investment Management Limited Tel: 020 7658 2371
Dido Laurimore/Richard Gotla Tel: 020 3727 1000
FTI Consulting
[1] Share price as at 22 September 2021. Exchange rate
GBP1:EUR1.17
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NAVLRMATMTTTBTB
(END) Dow Jones Newswires
September 28, 2021 02:00 ET (06:00 GMT)
Schroder European Real E... (LSE:SERE)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Schroder European Real E... (LSE:SERE)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
