Schroder Eur Real Est Inv Trust PLC Portfolio update (6111O)
10 February 2021 - 9:00PM
UK Regulatory
TIDMSERE
RNS Number : 6111O
Schroder Eur Real Est Inv Trust PLC
10 February 2021
10 February 2021
PORTFOLIO UPDATE
Schroder European Real Estate Investment Trust plc ("SERE" or
the "Company") today provides an update with regard to the Metromar
shopping centre in Seville, which it owns in a 50/50 Joint
Venture.
The Company has been notified that one of the fashion anchor
tenants will exercise its lease termination right. This termination
accounts for approximately 3,000 sqm (14%) of the total space. The
rent due will continue to be collected until the end of July 2021.
Current occupancy at the centre is 84%.
SERE's 50% interest in Metromar Seville represented c. 3.6% or
EUR7.4m of the last published 30 September 2020 NAV. An updated
valuation will be carried out as at 31 March 2021, which will
reflect the potential vacancy. Based on the 31 December 2020
valuation, the asset level LTV was 55%, providing 8.4% headroom to
the LTV covenant of 60%. As previously stated, the income from the
centre was already subject to a cash trap with the lender and
therefore any reduction in income from this vacancy will not have a
material impact on the Company's current dividend expectations. The
debt secured against the asset has no recourse back to the Company
or any other property in the portfolio.
SERE's retail exposure is 21.8% of the portfolio by value,
across three investments. Alongside Metromar (7.7% by value), the
Company also owns a DIY unit in Berlin (10.0% by value) leased to
Hornbach and a grocery unit in Frankfurt (4.1%) leased to Lidl.
Both of these assets have performed well since the onset of the
pandemic, achieving c. 100% rent collection and valuation uplifts.
The Company remains prudently geared with an overall loan to value,
net of cash, of approximately 25% as at 31 December 2020, with no
debt maturities before 2023.
Enquiries:
Jeff O'Dwyer / Andrew MacDonald
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Ria Vavakis
Schroder Investment Management Limited Tel: 020 7658 2371
Dido Laurimore/Richard Gotla/Methuselah Tanyanyiwa
FTI Consulting Tel: 020 3727 1000
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