Announcement of NAV and Dividend

About this update from Schroder European Real Estate Investment Trust Plc

[{"type":"text","content":"\n\n18 March 2025\n \nSCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC\n(\"SEREIT\"/ the \"Company\" / \"Group\")\n \nANNOUNCEMENT OF NAV AND DIVIDEND\n \nSchroder European Real Estate Investment Trust plc, the Company investing in European growth cities and regions, provides a business update and announces its unaudited net asset value (\"NAV\") as at 31 December 2024, together with its first interim dividend for the year ending 30 September 2025:\n \n\nUnaudited NAV as at 31 December 2024 of €161.2 million or 120.5 cps (30 September 2024: €164.1 million or 122.7 cps)\nNAV total return of -0.6% for the quarter and 1.3% for the twelve months to 31 December 2024\nUnderlying adjusted quarterly earnings from operational activities (\"EPRA earnings\") of €1.9 million before exceptional items (quarter ended 30 September 2024: €2.0 million)\nA first interim dividend of 1.48 euro cents per share declared for the quarter, 100% covered by EPRA earnings excluding exceptional items for the period\nThe direct property portfolio was independently valued at €206.2 million, including Frankfurt which was held for sale as at 31 December 2024, reflecting a marginal like-for-like decrease over the quarter of -0.9%, or -€1.9 million, with robust industrial portfolio valuations offsetting declines in offices and the Berlin DIY investment as a result of a shortening unexpired lease term.\nAgreed the disposal of the Frankfurt grocery investment for €11.80 million, in line with the 30 September 2024 valuation. The sale is expected to complete by 31 March 2025\nPost period end, the Company also completed the sale of its 50% stake in the Metromar joint venture. These two disposals further strengthen the balance sheet, decreasing the net loan-to-value (\"LTV\") ratio from 25% to approximately 20%, with an available cash balance of approximately €25 million\nThe Company continues to review select sustainability-led capex initiatives in the portfolio, which should optimise earnings growth and asset liquidity\nTax disclosure update: As previously announced, The Group received a notice of adjustment from the French Tax Authority amounting to c. €14.2m including interest and penalties. The Group remains in correspondence with the French Tax Authority and is seeking a formal review of the notice. Having taken professional advice, the ...

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