Schroder Eur Real Est Inv Trust PLC Business update (1228O)
28 May 2020 - 4:00PM
UK Regulatory
TIDMSERE
RNS Number : 1228O
Schroder Eur Real Est Inv Trust PLC
28 May 2020
28 May 2020
Business Update
Schroder European Real Estate Investment Trust plc ("SEREIT"/the
"Company"/"Group"), the company investing in European growth
cities, provides a further business update in light of the COVID-19
pandemic and prior to the announcement of its half year results
expected to be published towards the end of June 2020.
The Company continues to benefit from the diversification of its
portfolio which comprises 13 assets, located in the growth cities
and regions of Continental Europe. The portfolio has approximately
100 tenants across a range of sectors and benefits from being well
balanced with approximately 75% in the office and industrial/data
centre sectors, in cities including Paris, Berlin, Frankfurt,
Hamburg and Stuttgart.
Jeff O'Dwyer, Fund Manager, Schroder REIM, commented: "Already
we are seeing the easing of lockdown measures across the
geographies that we operate in positively impacting on the
portfolio. We are taking a methodical approach to asset management,
working closely with all our tenants to ensure we have a clear
pathway to income visibility, whilst taking measures to protect the
long-term interests of our shareholders."
Rent collection
As at the close of business on 20 May 2020, the Company had
received payments on 83% of monthly rents in respect of April and
May 2020. The analysis between sectors for rent collection over
April and May is as follows: 98% of office; 84% of industrial/data
centre use; and 57% of retail and leisure. We continue to work
closely with a number of tenants to agree payment plans/rent
deferral and or amendments to lease terms.
Portfolio update
Retail represents 25% of the portfolio, of which 15% is invested
in a Lidl supermarket in Frankfurt and a Hornbach DIY unit in
Berlin, both of which have remained open for trade throughout. The
Metromar Centre in Seville is the sole shopping centre in the
portfolio and represents 10% of the portfolio by value. The centre
partly re-opened on 25 May 2020 and the Company is implementing a
plan and working with tenants to establish on-going trading
positions. The strategy is also focused on working with centre
management and tenants to create a safe environment for tenants and
consumers.
The Company also continues to progress the previously announced
refurbishment of its largest investment in Paris which is leased to
engineering and technology consulting specialist, Alten. There will
be further updates as we progress matters.
Dividend
As previously announced, the Board will continue to consider
carefully future dividend payments, which are under review in light
of the short term cash position, in conjunction with longer term
sustainable income generated from the portfolio. This will be
monitored and a decision will be taken as clarity improves around
the economic backdrop.
For further information:
Schroder European Real Estate Investment
Management Limited:
Duncan Owen / Jeff O'Dwyer 020 7658 6000
Schroder Investment Management Limited:
Ria Vavakis 020 7658 2371
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FTI Consulting:
Dido Laurimore / Richard Gotla 020 3727 1000
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END
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