Schroder Eur Real Est Inv Trust PLC Rent collection and portfolio valuation update (3460G)
26 Julio 2021 - 1:00AM
UK Regulatory
TIDMSERE
RNS Number : 3460G
Schroder Eur Real Est Inv Trust PLC
26 July 2021
26 July 2021
RENT COLLECTION AND PROPERTY PORTFOLIO VALUATION UPDATE
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 rent collection,
alongside an independent valuation of the property portfolio as at
30 June 2021.
- Approximately 94% of rent due for the quarter ended 30 June
2021 has been collected, which is ahead of the amount collected in
the previous two quarters of 92%
- 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 increased in value by
EUR2.3 million, or 1.2%
- The valuation increase over the quarter was primarily driven by:
o Full occupation, an improved yield re-rating and ERV growth at
the Hamburg office investment, delivering a valuation increase of
EUR1.9 million, or 9.5%
o Improved ERV growth at the Stuttgart office investment,
delivering a valuation increase of EUR1.0 million, or 5.4%
- The Company has an aggregated loan to value ratio of
approximately 29% (gross of cash) as at 30 June 2021, with no
recourse to the Company and no debt maturity before 2023
- The Company continues to review, and is in various stages of
the acquisition process regarding, new investments that will
diversify and strengthen its exposure to growth cities and regions.
This follows last month's signing of a EUR6.15 million logistics
investment in Nantes, France reflecting a net initial yield of 5.5%
and an unexpired lease term of approximately 7 years.
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/Ollie Parsons
FTI Consulting Tel: 020 3727 1000
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END
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