NAV and dividend for period to 30 June 2018

About this update from Schroder European Real Estate Investment Trust Plc

[{"type":"text","content":"\n \nRNS Number : 6968W Schroder Eur Real Est Inv Trust PLC 03 August 2018  \n\n3 August 2018\n \nANNOUNCEMENT OF NAV AND DIVIDEND FOR PERIOD TO 30 June 2018\n \nSchroder European Real Estate Investment Trust plc (\"SERE\" or the \"Company\"), the company investing in European growth cities, today announces its unaudited net asset value (\"NAV\") for 30 June 2018, together with its third interim dividend for the year ending 30 September 2018 relating to the three months to 30 June 2018:\n·      Unaudited NAV as at 30 June 2018 of €187.2 million or 140.0 cents per share, an uplift of 0.1% over the quarter;\n·      Quarterly NAV total return, including the dividend, of 1.4%;\n·      An interim dividend of 1.85 euro cents per share relating to the quarter to 30 June 2018; \n·      This dividend is in-line with the target dividend stated at IPO of an annualised rate of 5.5% on the IPO issue price\n \nSince quarter end the Company has made progress with its investment strategy, including realising profit with sales at low yields and reinvestment at higher yields:\n·      The sale of its investment in two Casino supermarkets in France (as announced on 1 February 2018) for a price of approximately €45 million and a net income yield of sub 5%;\n·      Contracted acquisition of a logistics investment in Rumilly, France for a purchase price of €8.6 million, representing a net income yield of 7.0%. This is targeted to complete in mid-August;\n·      Exclusivity granted for the acquisition of three Dutch warehouse investments, totalling over €20 million at a net income yield of between 6% - 7%.\n \nNet Asset Value\n \nThe table below provides a breakdown of the movement in NAV during the reporting period:\n \n\n\n\n\nNAV movement \n\n\n€m(1)\n\n\nCps(2)\n\n\n%(3)\n\n\n\n\nBrought forward NAV as at 1 April 2018\n\n\n187.1\n\n\n139.9\n\n\n\n\n\n\n\nCapital expenditure\n\n\n(0.3)\n\n\n(0.2)\n\n\n(0.2)\n\n\n\n\nUnrealised gain in valuation of the property portfolio\n\n\n0.7\n\n\n0.5\n\n\n0.4\n\n\n\n\nEPRA earnings\n\n\n2.4\n\n\n1.9\n\n\n1.4\n\n\n\n\nNon-cash items\n\n\n(0.2)\n\n\n(0.2)\n\n\n(0.1)\n\n\n\n\nDividend paid\n\n\n(2.5)\n\n...

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