Net Asset Value and Dividend

About this update from Schroder European Real Estate Investment Trust Plc

[{"type":"text","content":"\n \nRNS Number : 3915W Schroder Eur Real Est Inv Trust PLC 09 February 2017  \n\n9 February 2017\n \nANNOUNCEMENT OF NAV AND DIVIDEND \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 for the three months to 31 December 2016 together with its first interim dividend for the period to 30 September 2017.\n \nNet Asset Value\n \nThe Company generated an unaudited net asset value (\"NAV\") as at 31 December 2016 of €174.6 million or 130.6 cents per share (110.0 pence per share).  This reflects an increase of 0.5 cents per share compared with the NAV as at 30 September 2016. \n \nA breakdown of the NAV increase over the quarter is set out below, split between pre and post the impact of the equity placing completed in October 2016: \n \n\n\n\n\n\n\n\n€m(1)\n\n\ncps\n\n\n\n\nNAV as at 30 September 2016\n\n\n157.8\n\n\n130.1*\n\n\n\n\nUnrealised gain in property valuation\n\n\n0.4\n\n\n0.3*\n\n\n\n\nOperating profit\n\n\n1.1\n\n\n0.9*\n\n\n\n\nApproved dividend payable\n\n\n(1.2)\n\n\n(1.0)*\n\n\n\n\nOther\n\n\n0.1\n\n\n0.1*\n\n\n\n\nNAV as at 31 December 2016 excl. equity raise impact\n\n\n158.2\n\n\n130.4*\n\n\n\n\nEquity raise impact\n\n\n16.4\n\n\n0.2**\n\n\n\n\nNAV as at 31 December 2016\n\n\n174.6\n\n\n130.6**\n\n\n\n\n \n(1) Management reviews the performance of the Company principally on a proportionally consolidated basis. As a result, figures quoted in this table include the Company's share of joint ventures on a line-by-line basis and excludes non-controlling interests in the Company's subsidiaries.\n \n* Reflects a base of 121,234,686 shares pre capital raise\n** Reflects a base of 133,734,686 shares post capital raise\n \nInterim Dividend \n \nThe Company announces a first interim dividend for the year to 30 September 2017 of 1.0 euro cents per share. The dividend represents an annualised rate of 3.0% based on the euro equivalent of the issue price as at admission. \n \nThe dividend is fully covered from income receivable from the committed portfolio. Once fully invested, including the debt being drawn, the Company's objective is to pay an annualised euro dividend yield of 5.5% based on the euro equivalent of the issue price as at...

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