SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC – Portfolio Update – SENS

Portfolio update

Schroder European Real Estate Investment Trust PLC
(Registered in England and Wales)
Registration number: 09382477
JSE share code: SCD
LSE Ticker: SERE
ISIN number: GB00BY7R8K77

February 10, 2021

PORTFOLIO UPDATE

Schroder European Real Estate Investment Trust (“SERE” or the “Company”) is offering an update today
in relation to the Metromar shopping center in Seville, which it owns in a 50/50 joint venture.

The company has been informed that one of the fashion anchor tenants will exercise its right to terminate.
This termination accounts for around 3,000 m² (14%) of the total area. The rent due remains in place
to be picked up by the end of July 2021. The current occupancy rate in the center is 84%.

SERE’s 50% stake in Metromar Sevilla was represented by c. 3.6% or € 7.4 million of the last published September 30, 2020
NAV. An updated assessment will be carried out as of March 31, 2021, reflecting the potential vacancy.
Based on the December 31, 2020 valuation, the asset-level LTV was 55%, giving the LTV 8.4% leeway
Bunch of 60%. As mentioned earlier, the revenue from the center was already caught in a money trap with the
The lender and, consequently, a reduction in the income from this vacancy will not have a material effect on that
Current dividend expectations of the company. The debt secured against the asset has no recourse to the
Company or another property in the portfolio.

SERE’s retail exposure to three investments is 21.8% of the portfolio by value. In addition to Metromar (7.7%
by value) the company also owns a DIY unit in Berlin (10.0% by value), which is rented to Hornbach, and a food unit in Berlin
Frankfurt (4.1%) leased to Lidl. Both assets have done well since the pandemic started.
Reaching c. 100% rent collection and valuation increases. The company remains carefully aligned to an overall direction
Value loan minus cash of approximately 25% as of December 31, 2020 with no debt due before 2023.

Requests:

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 / Methusalah Tanyanyiwa
FTI Consulting Tel: 020 3727 1000

Schroder European Real Estate Investment Trust plc is listed on the London Stock Exchange and a
Second listing on JSE Limited.

JSE sponsor
PSG Capital

Date: 10-02-2021 12:00:00
Produced by the JSE SENS department. The SENS service is an information dissemination service administered by JSE Limited (‘JSE’).
The JSE neither expressly nor tacitly or implicitly guarantees, warranties or guarantees the truth, correctness or completeness of
the information published on SENS. JSE, its officers, employees and agents accept no liability for (or in relation to) any direct,
indirect, incidental, or consequential damages of any kind or nature resulting from the use of SENS or the use of or reliance on SENS.
Information disseminated via SENS.