3 February 2025
SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC
("SEREIT" or the "Company" and, together with its subsidiaries, the "Group")
Sale of Seville shopping centre interest reduces portfolio gearing to 21%
Schroder European Real Estate Investment Trust Plc, the Company investing in European growth cities, has announced the sale of its 50% interest in the Metromar Joint Venture, which owns a shopping centre in Seville, Spain. The disposal price is in line with the Company's previous recognition of its interest being nil value, with the outstanding debt transferring to the purchaser.
This sale strengthens the Company's balance sheet by reducing its net loan-to-value (LTV) ratio from 25% to 21%1.
Additionally, the previously announced sale of a grocery anchored retail asset in Frankfurt for €11.8 million, which is expected to complete on 31 March 2025, along with a repayment of associated bank debt, is expected to further decrease the net LTV by at least an additional 2%.
1Based on 31 December 2024 independent valuations.
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Enquiries:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Natalia de Sousa
Schroder Investment Management Limited Tel: 020 7658 6000
Dido Laurimore/Richard Gotla/Ollie Parsons
FTI Consulting Tel: 020 3727 1000