Schroder Real Estate Investment Trust Ltd · LSE:SREI
Schroder Real Estate Investment Trust — Schroders Capital Global Innovation Trust — Shareholder Meeting (February 2025)
15 slides from Schroder Real Estate Investment Trust's shareholder meeting presentation, February 2025
Slide 1: Schroders Capital Global Innovation Trust PLC General Meeting
February 2025 SCHRODERS CAPITAL GLOBAL INNOVATION TRUST PLC General Meeting Marketing materials. The Trust may be referred to as INOV throughout this presentation
Slide 2: Progress since our appointment
Progress since our appointment Schroders became the Portfolio Manager in 2019 with the immediate focus on selling legacy holdings to eliminate the debt Since then, legacy investments have continued to reduce in value In 2021, Schroders started making new investments which have performed well on a re
Slide 3: Recap: Portfolio evolution
Recap: Portfolio evolution Legacy investments account for 93% of the total fair value movement since 2019 Legacy investments Schroders public equity investments Schroders private equity investments 19 (272) 561 93% of fair value movement driven by legacy investments (239) (11) (7) 86 22 (12) 137 (10
Slide 4: Why does the Board believe a managed wind-down is in the best interests of shareholders?
Why does the Board believe a managed wind-down is in the best interests of shareholders? Key reasons 500 450 Continued poor performance of legacy investments 400 350 300 Persistent discount to NAV £m 250 200 150 Insufficient scale to attract new investors 100 50 0 Consultation with shareholders conc
Slide 5: Principles of an 'orderly managed wind-down'
Principles of an ‘orderly managed wind-down’ Maximise exit value Support (not force) exit events Prudent reserving – Focus on maintaining or increasing – Focus on exits that align with planned Establish a cash management plan that the value of the portfolio and company events (e.g. trade sales or ba
Slide 6: Appendix
APPENDIX
Slide 7: Managed wind-down
Managed wind-down DISTRIBUTION OF Initial capital allocation REALISATIONS The Board anticipates that capital will Initial capital return: ~£10m be returned to Shareholders over time by way of successive tender offers, Cash, cash equivalents & although other forms of capital return Operating cost res
Slide 8: Recap: How has the portfolio evolved since our appointment?
Recap: How has the portfolio evolved since our appointment? Performance of legacy investments has continued to weigh on performance Net asset value (£m) 1 Debt re-negotiation & repayment 2 Tentative start to new investments 3 Focus on share buybacks 600 550 500 450 400 350 300 250 £m 200 150 100 50
Slide 9: New INOV investments made by Schroders Capital
New INOV investments made by Schroders Capital Exited Announced investments exit Sector Country Initial investment Growth Revolut Financials UK August 2021 Ada Health Health Care Germany December 2021 Back Market Consumer France December 2021 AgroStar Consumer India January 2023 Bizongo Business Ser
Slide 10: Portfolio as at 30 September 2024
Portfolio as at 30 September 2024 Company Sector Strategy Fair value (£m) NAV (%) Breakdown by type1 Breakdown by strategy/stage1 8% 15% 8% Atom Bank Financials Growth 23.1 14.0% Revolut Financials Growth 11.9 7.2% Salica ET Fund Industrials Growth 10.2 6.1% 23% Back Market Consumer Growth 8.5 5.1%
Slide 11: Development of life science investments
Development of life science investments Legacy investments Clinical - Clinical - Lead candidate/ Lead disease Application for Holding Discovery Pre-clinical pre proof of post proof of Approval product indication market approval concept concept CT-388 Obesity NXTX-0001 Epilepsy Abelacimab Thrombosis
Slide 12: Case study: Revolut
Case study: Revolut Highly disruptive UK-founded and headquartered global neobank Overview Exceptional growth profile³ Diverse revenue mix³ – One app for all things money - current 40 2,000 accounts, debit cards, fee-free currency exchange, stock & crypto trading, peer-to-peer payments and 35 28% 27
Slide 13: Case study: Anthos Therapeutics
Case study: Anthos Therapeutics Therapeutics for patients with cardiovascular disease Transaction details Investment thesis Transaction Co-investment alongside Blackstone Life Sciences (fka Clarus) • Abelacimab is in phase 3 clinical trials and is further Size $2.8m (£2.2m) into Series B advanced in
Slide 14: Risk considerations
Risk considerations Schroders Capital Global Innovation Trust plc – Risk Considerations Long-term outcomes are more binary – extremely attractive rewards for success but some businesses will inevitably fail to fulfil their potential and this may expose investors to the risk of capital losses. As it
Slide 15: Important Information
Important Information Marketing material. The views and opinions contained herein are those of the authors as at the date of publication and are subject to change due to market and other conditions. Such views and opinions may not necessarily represent those expressed or reflected in other Schroders
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