17 January
2025
SCHRODER EUROPEAN REAL
ESTATE INVESTMENT TRUST PLC
("SEREIT" or the
"Company" and, together with its subsidiaries, the
"Group")
Share buyback
programme
Schroder European Real
Estate Investment Trust Plc, the company investing in European
growth cities, announces that it has entered into a discretionary
agreement with Panmure Liberum Limited ("Panmure Liberum") to
act as its broker to commence market purchases of its Ordinary
Shares (the "Buyback
Programme").
As of 30 September
2024, the Company holds approximately €25 million in cash, with a
net loan-to-value ratio of around 25.0%. The upcoming sale of the
Frankfurt grocery investment, scheduled for completion on 31 March
2025 is anticipated to elevate cash reserves to approximately €28
million and decrease net loan-to-value to about 21%. Given this
robust financial standing, the Board and Investment Manager believe
that purchasing the Company's Ordinary Shares at the current price,
which reflects a discount to net asset value, presents an
attractive opportunity for shareholders. Consequently, the Company
plans to launch the Buyback Programme utilising its own cash
resources. In conjunction with this initiative, the focus will
remain on enhancing the portfolio's income and asset quality
through proactive asset management.
The Buyback Programme
will be conducted under the authority granted at the Company's
annual general meeting held on 18 March 2024, permitting the
repurchase of up to 20,046,829 of its Ordinary Shares (the total
outstanding shareholder authority). This authority is valid until
the next annual general meeting, at which the Company will seek to
renew this authority.
The Buyback Programme
will be conducted in compliance with Chapter 12 of the Financial
Conduct Authority's UK Listing Rules and with certain pre-set
parameters including as to price and volume prescribed by the
Market Abuse Regulation 596/2014 and the MAR buyback technical
standards (Commission Delegated Regulation (EU) 2016/1052) (the
"Technical Standards"), both of which form part of Retained EU law
(as defined in the UK's European Union (Withdrawal) Act 2018) and
the Market Abuse (Amendment) (EU Exit) Regulations
2019).
While the Company has
not established a maximum payment for the Ordinary Shares, it
cannot purchase Ordinary Shares under the Buyback Programme at a
price that exceeds the net asset value of those shares.
Any repurchase of
Ordinary Shares will be announced no later than 7:30 a.m. on the
business day following the day on which the repurchase
occurred.
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
