Company Website

Financial Calendar

Recent Broker notes

BarChart Indicators

Recent Market news

Schroder Real Estate Investment Trust (SREI) Fundamentals

Interim Management Statement

Cheers skinny, Got mine in an ISA save 20% on tax.

Tax? - oh yes, I remember that!

Mine are SIPPed.

Acquired Morgan Sindall House in Rugby for £3.95 million, reflecting a net initial yield of 8%.
The property comprises a 36,016 sq ft office building together with 95 car parking spaces and is let to Morgan Sindall Plc as their regional headquarters for 15 years without tenant breaks at £335,000 per annum or an overall rate of £9.30 per sq ft, with a guarantee from Morgan Sindall Group Plc. The lease benefits from five yearly upwards only rent reviews linked to the Retail Price Index, subject to a minimum uplift of 2% per annum compound and a maximum uplift of 4% per annum compound.

Directorate Change

The Board of Schroder Real Estate Investment Trust Limited announces that Andrew Sykes has retired as a Director with immediate effect. He has served on the Board since May 2004.

The Board is very grateful to Andrew for his leadership over the last ten years.

As previously announced, Lorraine Baldry will succeed Andrew Sykes as Chairman of Schroder Real Estate Investment Trust Limited with immediate effect.

Initial Placing,Offer for Subscription & Placing

Highlights:

· Proposal to issue up to 80 million New Shares at 50.25 pence per New Share to raise gross proceeds of up to approximately £40.2 million by way of the Placing and Offer.

· Issuing new shares at a premium to the prevailing NAV ensures future fund raises are accretive to the prevailing NAV for existing Shareholders.

· Proposed Placing Programme to enable the Company to raise additional capital in the period from 18 April 2014 to 19 March 2015 as and when it identifies properties that are suitable for acquisition. This should, in turn, enable the Investment Manager to act opportunistically, by making a series of accretive property acquisitions whilst also mitigating the risk of cash drag on Shareholders' funds.

· New equity can potentially be invested in properties offering an attractive yield with scope for adding value through asset management.

· Pipeline of potential acquisitions currently under negotiation and where terms have been agreed with the vendors.

· Future acquisitions are likely to target all the main property sectors, including, office, industrial and retail as well as alternatives to these traditional sectors.

· Opportunity to broaden the Company's investable universe through exposure to additional alternative property types, such a healthcare, hotels and student accommodation.

· At the same time as announcing the proposed equity issuance, the Company announces an estimated NAV per share of 48.7 pence as at 17 March 2014. This reflects an increase of 1.4 pence per share or 3% compared with then unaudited NAV as at 31 December 2013.

· Investors subscribing for New Shares under the Placing and Offer will not be entitled to receive any dividend for the period from 1 January 2014 to 31 March 2014.



Circular and Prospectus:

A Circular and Prospectus in relation to the proposals will shortly be available on the national storage mechanism at www.morningstar.co.uk/uk/NSM, and will also be available on the Company's website at www.srei.co.uk.

Dividend Declaration

Schroder Real Estate Investment Trust Limited today announces an interim dividend payment in respect of the financial year ended 31 March 2014, of 0.62 pence per share as detailed in the schedule below:

Ex-Dividend Date: 09 April 2014
Record Date: 11 April 2014
Pay Date: 25 April 2014

Schroders plc 15 - 17%

Investec Wealth & Investment Limited From 14% to 15%

Investec Wealth & Investment Limited From 15% to 17%

Interim Management Statement

ACQUISITION OF CITY TOWER, MANCHESTER

On 17 April 2014 Schroder Real Estate Investment Trust (the 'Company') completed a Placing and Offer for Subscription (the 'Placing') that raised £40.2 million from the issuance of 80 million shares at an issue price of 50.25 pence per share. The Placing was completed at a premium to the last reported Net Asset Value.

Following completion of the Placing the Company announces that it has exchanged contracts to acquire a 25% interest in City Tower, a landmark, mixed use investment in Central Manchester, for £33 million. The Company is acquiring the property alongside Schroder UK Property Fund and Immobilien Europa Direkt, both managed by Schroder Property Investment Management, for a total price of £132 million. The price reflects a headline net initial yield of 7%.

City Tower provides 615,429 sq ft of office, retail, leisure and hotel accommodation on a three acre island site including 456 car parking spaces. It is located in a prime location within the Central Business District of Manchester with frontage to both Piccadilly Gardens and New York Street. The property is held on a long leasehold basis from Manchester City Council with 218 years unexpired at nil rent.

Completion of the acquisition is subject to freeholder and other consents that the Company expects to be cleared within four to six weeks. The acquisition satisfies the Company's investment criteria by offering:

· An above average income return with the Company receiving an initial rent of £2.4 million per annum on expiry of rent free periods and after non-recoverable property expenses;
· 115 tenancies and mix of uses provides significant diversification with offices representing 61% of rental income, retail and leisure 14%, hotel 15% and ancillary uses 10%. UK Government institutions represent 18% of current rental income;
· A spread of lease expiries with an average unexpired lease term, to the earlier of lease expiry or break, of 10.8 years;
· The offices are let at a low initial rent of £17 per sq ft with key tenants including the National Institute for Health and Care Excellence ('NICE'), the Ministry of Justice, The University of Law Limited and Aegis Outsourcing (UK) Limited;
· Simple co-ownership structure enables the Company to invest in a property it would otherwise not be able to access;
· The potential to add significant value through asset management; and
· Central to Manchester's public transport infrastructure, with the subject property adjacent to Manchester's central tram interchange and close to Manchester's main line rail station.

Following completion of the acquisition the Company will have total cash approximately £15 million and a net loan to value, based on the independent valuation as at 31 March 2014, of approximately 34%.

The Company is progressing further acquisition opportunities and continues to believe that there is potential to enhance future returns to shareholders through a further increase in the size of the Company.

Commenting on the acquisition, Duncan Owen, Head of Property at Schroder Property Investment Management said:

"This transaction demonstrates the effectiveness of our recent share placing, enabling us to quickly deploy capital into an accretive acquisition, whilst minimising cash drag.

"The purchase is consistent with our investment strategy of targeting assets offering good underlying fundamentals where we can add value through a variety of measures supported by a strong and convenient location. The vendor has already made significant improvements via an extensive refurbishment programme and we believe there is further opportunity to deliver rental growth for this element of the asset in the future, underpinned by improving occupational demand. There is also the potential to generate value from asset management of the property."

Wembley planning update

Wembley planning update

On 18 September 2013 the Company announced it had exchanged contracts to sell a one acre plot, comprising part of its two acre Wembley site, to a wholly owned subsidiary of The Unite Group plc ('Unite') for a base price of £7.4 million. Completion of the disposal was subject to Unite securing detailed planning consent for 200,000 sq ft of student accommodation comprising approximately 684 rooms without onerous conditions.

The Company now announces that Unite have secured resolution to grant detailed planning consent for 200,000 sq ft of student accommodation comprising 699 rooms, without onerous conditions. This increases the sale price to £7.56 million including overage, compared with a valuation as at 31 March 2014 of £6.25 million.

The only remaining condition outside of the Company's control is expiry of the planning Judicial Review period 22 May 2014. The contract with Unite has a fixed completion date of 1 August 2014.

The Company will provide a further update in due course.

-ENDS-

A new high @54.75p

Interim Management Statement

Year End Results

Financial highlights for the 12 months ended 31 March 2014

· Profit before tax of £20.897 million (31 March 2013: loss of -£10.774 million)
· Underlying earnings of 5.7 pence per share ('pps') (31 March 2013: loss of -3 pps)
· 7.8% increase in NAV per share for the year 31 March 2014 to 48.6 pps, principally due to a 6.3% increase in the capital value of the underlying portfolio
· Dividend of 2.74 pps paid for the 12 months to 31 March 2014
· NAV total return 14.4% (31 March 2013: -4.0%)
· Underlying property portfolio delivered total return of 13.7%, outperforming Investment Property Databank ('IPD') Benchmark Index of 12.5%
· Loan to value ('LTV'), net of all cash, of 37.8% (31 March 2013: 39% immediately after re-financing on 17 April 2013)


Unaudited NAV as at 30 June 2014
· As announced separately today, the Company reported a NAV of 50.7 pps as at 30 June 2014, representing a quarterly increase of 4.3%, principally due to a 3.4% increase in the capital value of the underlying portfolio
· Quarterly dividend cover of 94%
· Further reduction in the LTV, net of cash, to 31%


Operational highlights
· £17.2 million of new equity raised in January 2014, followed by an additional £40.2 million via a further placing and offer for subscription post the period end, to take advantage of improving sentiment towards UK commercial property and enhance shareholder returns through disciplined and accretive growth
· Good progress deploying capital through £61.8 million of acquisitions during the year and since the period end at an average income return of approximately 8%
· Shareholders approved placing programme to issue up to a further 120 million shares as acquisitions are identified in order that the Manager can act opportunistically by making accretive acquisitions and mitigate the risk of cash drag on Shareholder returns
· High level of asset management activity with a reduction in the portfolio void rate as a percentage of rental value from 14.4% to 10.7% as at 30 June 2014

Appointment of AIFM

Placing Programme Update

The Company's announcement of its results for the year ended 31 March 2014 and its Interim Management Statement as at 30 June 2014 highlighted the attractive operating environment that has provided the opportunity for disciplined and accretive growth. This has involved the issuance of 115.6 million shares to raise £57.4 million of equity and the completion of five acquisitions totalling £61.8 million at an average income yield of approximately 8%.

A Placing Programme, established through the Company's prospectus dated 20 March 2014 and approved by shareholders in April 2014, enables the Company to issue up to a further 120 million shares over the period to 19 March 2015, with such shares being issued at a premium to the prevailing net asset value ('NAV') in order to cover the costs associated with the issue. The Company's Investment Manager is actively considering a pipeline of potential acquisitions that satisfy the investment criteria.

It is intended that these potential acquisitions are funded through a combination of (i) the proceeds from property disposals; (ii) the use of a short term revolving credit facility that is under negotiation; and (iii) further equity issuance under the Placing Programme.

The Company, through its Investment Manager and brokers, will continue to engage and consult with existing and prospective new shareholders in connection with achieving accretive and disciplined growth via the Placing Programme over the period to March 2015.

Hinckley disposal

The Company announces that it has exchanged contracts to sell its site at Coventry Road, Hinckley for £4.525 million, on a subject to planning basis, to Redrow Homes Limited ('Redrow'). The price compares with the independent valuation as at 30 June 2014 of £3.85 million.

The property comprises a 9.1 acre former industrial site close to Hinckley town centre and is currently vacant and non-income producing. The disposal of this asset is consistent with the Company's strategy to maximise value from low or non-income producing property.

In August 2013 the Company secured an outline planning consent for 122 residential units. Under the terms of the transaction, Redrow is obliged to make a detailed residential planning application within three months of exchange of contracts at its own cost. This application must be consistent with the outline consent already secured by the Company.

Subject to Redrow securing detailed planning consent and satisfaction of other ancillary conditions, the Company will receive 50% of the purchase price at completion with the balance nine months later. The deferred consideration is secured by a charge over the land and the Company also has potential to receive additional consideration under an overage agreement which is linked to the residential sales values achieved by Redrow in due course.


-ENDS-

Wembley Completion

The Company announces that it has completed the disposal of a one acre site
(the `subject site'), comprising part of its two acre Wembley site, to a wholly
owned subsidiary of The Unite Group plc (`Unite Students') for £7.56 million.
This compares to the independent valuation as at 30 June 2014 of £7.3 million.

Disposal of Wembley site

The Company announces that it has exchanged unconditional contracts with a
wholly owned subsidiary of Barratt Developments PLC (`Barratt') to dispose of
its remaining, non-income producing site at the Olympic Office Centre in
Wembley for £15.25 million. Barratt have paid a 10% deposit and completion is
due on 23 September 2014.

The Company estimates that completion of the disposal will increase the
underlying pro-forma Net Asset Value (`NAV') of the Company, assuming no other
changes following the last reported NAV as at 30 June 2014, by approximately
3.5%.

The disposal is the successful conclusion of a strategy for the subject site
involving securing outline planning consent for change of use from a car park
to 227,000 sq ft of residential and ancillary uses. Proceeds will be redeployed
into income producing investments that are currently under consideration.

Following completion of the disposal of the subject site the Company continues
to own the 74,000 sq ft Olympic Office Centre which as at 30 June 2014 was
independently valued at £10.75 million.

-ENDS-

Disposal of Olympic Office Centre, Wembley

The Company announces that it has exchanged unconditional contracts with
Network Stadium Housing Association Limited (`Network') to dispose of the
Olympic Office Centre in Wembley for £15.4 million, reflecting a net initial
yield of 6.7%. The price compares to the independent valuation as at 30 June
2014 of £10.75 million.

Network, a tenant in the building, has paid a 10% deposit and completion is due
on 19 December 2014 to coincide with expiry of its lease. The Company will
continue to receive Network's rent equating to £514,000 per annum during the
period between exchange and completion. Network is a leading provider of
affordable housing to Brent Council and intends to pursue a mixed use office
and residential redevelopment scheme on the site.

Schroder Real Estate Investment Trust Limited will announce half year results
for the six months ended 30 September 2014 on Monday 17 November 2014.

New high today @58.75p

Interim Management Statement

Net Asset Value

Schroder Real Estate Investment Trust Limited announces an unaudited net asset value ('NAV') of £260 million or 55.1 pence per share ('pps') as at 30 September 2014. This reflects an increase of 8.7% per share compared with the NAV as at 30 June 2014, or a NAV total return, including the dividend of 0.62 pps, of 10%.

Half Yearly Report

Financial highlights for the six months ended 30 September 2014

· Profit before tax of £36 million (six months to 30 September 2013: £4.2m)

· Earnings per share of 7.7p (six months to 30 September 2013: 1.2p)

· 13.4% increase in Net Asset Value ('NAV') per share to 55.1p (31 March 2014: 48.6p)

· Fully covered dividend of 1.24 pence per share declared for the six months to 30 September 2014

· NAV total return 16.2% (six months to 30 September 2013: 4.1%)

· Underlying property portfolio delivered total return of 12.7%, outperforming the Investment Property Databank ('IPD') Benchmark Index of 9.2%

· Loan to value ('LTV'), net of cash, of 26.8%

Operational highlights

· Disciplined growth strategy has made a positive contribution to shareholder total returns resulting in a fully covered dividend, a further reduction in leverage and improved economies of scale

· £40.2 million of new equity raised through placing programme in April 2014 has been invested into three attractive acquisitions totalling £43.7 million at an average initial yield of 7.2%

· Disposal of three assets at Olympic Office Centre in Wembley resulted in a realised gain after disposals costs of £15.1 million or 3.2 pps

· Further non-income producing disposals on track including Reynards Trading Estate, Brentford for a base price of £20 million, following receipt of planning, and Coventry Road, Hinckley for £4.525 million, providing further opportunities to recycle capital into accretive investments

Proposed placing

The Board of Schroder Real Estate Investment Trust Limited (the 'Company'), today announces a proposal to issue up to 43.5 million New Shares at 57.5 pence per New Share to raise gross proceeds of up to approximately £25 million by way of a placing (the 'Placing') pursuant to the terms and conditions of the Placing Programme established under the prospectus issued by the Company dated 20 March 2014 (as amended).

Result of Placing

The Directors have exercised the right, in consultation with Numis and J.P.
Morgan Cazenove, to increase the number of New Shares offered pursuant to the
Placing to 47.0 million New Shares.

A total of 47,000,000ordinary shares (the "New Shares") have therefore been
placed, subject to Admission, by J.P. Morgan Cazenove ("JPMC") and Numis
Securities Limited ("Numis") at a price of 57.50p per share, raising gross
proceeds of approximately £27.0 million. The New Shares represent approximately
10.0% of the issued ordinary share capital of the Company prior to the Placing.

.

CENTRAL LONDON ACQUISITION

NAV AND DIVIDEND

Schroder Real Estate Investment Trust Limited announces an unaudited net asset
value ('NAV') of £290.7 million or 56.1 pence per share ('pps') as at
31 December 2014. This reflects an increase of 1.8% per share compared with the
NAV as at 30 September 2014, or a NAV total return, including the dividend of
0.62 pps, of 3%.The NAV total return over the 12 months to 31 December 2014 was
24.5%

Dividend payment

The Company announces an interim dividend of 0.62 pps for the period 1 October
2014 to 31 December 2014. Following the issuance of 47 million shares on 20
November 2014 the quarterly dividend payment increases from £2.9 million to £
3.2 million. The dividend payment will be made on 27 February 2015 to
shareholders on the register as at 6 February 2015. The ex-dividend date will
be 5 February 2015.

Over the quarter to 31December 2014 dividend cover was101% excluding
exceptional items and non-recurring expenses.

REIT Proposal

Schroder Real Estate Investment Trust Limited (the "Company") has today
published a circular (the "Circular") to shareholders setting out proposals to
become resident in the United Kingdom for tax purposes, to apply for entry to
the REIT Regime, to adopt New Articles and setting out a Notice of
Extraordinary General Meeting.

more....

NAV and Dividend

Net Asset Value

The Company delivered an unaudited net asset value ('NAV') of £299.2 million or 57.7 pence per share ('pps') as at 31 March 2015. This reflects an increase of 2.9% per share compared with the NAV as at 31 December 2014, or a NAV total return, including the dividend of 0.62 pps, of 4%. The NAV total return over the 12 months to 31 March 2015 was 24.4%. A breakdown of the NAV movement over the quarter is set out below:

Dividend payment

The Company announces an interim dividend of 0.62 pps for the period 1 January 2015 to 31 March 2015. The dividend payment will be made on 28 May 2015 to shareholders on the register as at 8 May 2015. The ex-dividend date will be 7 May 2015.

Following shareholder approval to the REIT conversion proposal the Company expects to enter the UK REIT regime on or around 1 May. The aforementioned dividend for the period from 1 January 2015 to 31 March 2015 will be paid in the normal way and will be paid free of any withholding tax.



more....

ACQUISITION OF BEDFORD RETAIL WAREHOUSE PARK

The Company announces that it has acquired the freehold interest in St.John's
Retail Park in Bedfordfor £31.8million reflecting a net initial yield of
approximately 6.5%. The property is well located approximately 1.5 milesto the
south of Bedford town centre and comprises a130,000 sq ft retail warehouse park
let to 12 tenants with an adjoining 11,600 sq ft office building.

The retail park produces a rent of £2 million per annum which reflects a
relatively low average rent of £16 per sq ft. The average unexpired lease term,
assuming all tenants break at the earliest opportunity, is 7.9 years with
tenants including DSG Retail Limited (24% of income expiring in September 2020)
andHomebase Limited (17% of income expiring in May 2024). There is a single
vacant unit comprising 5,000 sq ft where terms have been agreed for a new
letting. Approximately half of the office building islet to DHL GBS (UK)
Limited at £61,000 per annum reflecting a low average rent of £9.50 per sq ft,
with approximately half of the remaining vacant space under offer.

The acquisition satisfies the Company's investment criteria by offering:

* An above average initial yield of approximately 6.5% with potential for
immediate growth assuming the completion of lettings under offer to new
tenants;

* Good fundamentals due to tenant demand, affordable rents, low retail
warehouse supply and vacancy in Bedford and above average population growth
for Bedford and the surrounding area; and

* Significant scope for asset management including lease extensions and
widening the planning consent in order to increase the rental tone and
improve the tenant mix.

The property was acquired via the acquisition of shares in a UK company that
had developed the property and therefore had latent capital gains tax
liabilities. Following conversion to Real Estate Investment Trust (`REIT')
status on 1 May, the Company has been able to extinguish these capital gains
tax liabilities. This provided a competitive advantage when bidding for the
property and resulted in the gross purchase price of £32.2 million.

Following the acquisition of St. John's Retail Park the Company expectsits
dividend to be fully covered by recurring earnings with approximately £12
million of cash remaining for on-going committed capital expenditure and
operational flexibility.

Looking forward, there are further potential capital expenditure initiatives
that should be accretive to earnings and net asset value (`NAV'). The Company
intends to fund these initiatives from selling smaller properties or the
issuance of new equity from treasury. The Company is now cautious about pricing
in parts of the market but may consider issuing new equity in a disciplined
mannerto fund specific acquisitionsthat are accretive to earnings.

Commenting, Duncan Owen, Global Head of Real Estate at Schroders said: "The
acquisition follows the disposal of low or non-income producing property and
results in SREIT being substantially invested with a fully covered dividend.
Converting to UK-REIT status has enabled SREIT to be more agile and competitive
by extinguishing the capital gains in the vendor special purpose vehicle and
therefore enhancing SREIT'sinitial income return."

-ENDS-

Year End Results

Financial highlights for the 12 months ended 31 March 2015

· Profit before tax more than doubled to £54.8 million (31 March 2014: £20.9 million)

· Earnings of 11.3 pence per share ('pps') (31 March 2014: 5.7 pps)

· 18.7% increase in NAV per share for the year 31 March 2015 to 57.7 pps, principally due to a 13.2% increase in the capital value of the underlying portfolio

· Dividend of 2.48 pps paid for the 12 months to 31 March 2015

· Strong NAV total return 24.4% (31 March 2014: 14.4%)

· Outperformance of underlying property portfolio delivered total return of 20.8%, versus Investment Property Databank ('IPD') Benchmark Index of 17.1%

· Loan to value ('LTV'), net of all cash, of 22.4% (31 March 2014: 37.8%)

Unaudited NAV as at 30 June 2015

· As announced separately today, the Company reported a NAV of 59.1 pps as at 30 June 2015, representing a quarterly increase of 2.4%, principally due to an increase in value of larger assets acquired as part of the growth strategy

· Recent acquisition of St. John's Retail Park in Bedford made a positive contribution, increasing in value to £34.1 million compared with the gross acquisition price of £32.2 million

Operational highlights

· Successful conversion to Real Estate Investment Trust ('REIT') status since the year-end, reducing the overall burden of UK taxation and increasing net income and overall profitability, with the potential to attract a wider investor base

· £67.2 million of new equity raised through the placing programme during the year to 31 March 2015 together with disposal proceeds have been invested into seven acquisitions totalling £124.5 million at an average initial yield of 6.1%

· Disposal of ten assets (including one unconditionally exchanged) totalling £73.8 million reflecting premium compared with the valuation as at 31 March 2014 of £22 million or 42%

· Successful implementation of the growth strategy has made a positive contribution to shareholder total returns resulting in a fully covered dividend, lower leverage and improved economies of scale

· High level of asset management activity with a reduction in the portfolio void rate as a percentage of rental value from 11.7% as at 31 March 2014 to 9.2% as at 30 June 2015

ACQUISITION OF MILLSHAW INDUSTRIAL ESTATE IN LEEDS

NAV and Dividend

LETTINGS AT BEDFORD RETAIL WAREHOUSE PARK

Pre-Let to Premier Inn at the Arndale Centre

Board Changes

cheers skinny

CHANGE TO REPORTING QUARTERLY FINANCIAL RESULTS

With immediate effect the Company will make the following changes to the frequency of quarterly financial results announcements:

Interim Management Statements containing the unaudited Net Asset Value will no longer be issued for the quarters to 31 March and 30 September respectively
The announcement of the audited year end results to 31 March will be brought forward to mid June for the 2015/16 financial year, with the expectation that this can be brought forward to late May for the 2016/17 financial year
The announcement of the interim results to 30 September will continue to be made in November
Following these changes unaudited Interim Management Statements will continue to be issued for the quarters to 30 June and 31 December, in July and late January or early February respectively. The dividend timetable will also remain unchanged.

NAV and Dividend


Net Asset Value

The unaudited NAV as at 30 June 2016 was £325.6 million or 62.9 pence per share ('pps'). This reflects an increase of 1.1% per share compared with the NAV as at 31 March 2016, or a NAV total return, including the dividend of 0.62 pps, of 2.1%.

Following the EU referendum result, and in common with other independent valuers, Knight Frank has stated that (i) the UK real estate market is now in a period of uncertainty in relation to many factors that impact the property investment and letting markets; (ii) it has not been possible to gauge the effect of the vote to leave the EU by reference to transactions in the market place; and (iii) the probability of the value coinciding with the price achieved, were there to be a disposal, has reduced.

Dividend payment

The Company announces an interim dividend of 0.62 pps for the period 1 April 2016 to 30 June 2016. The dividend payment will be made on 31 August 2016 to shareholders on the register as at 12 August 2016. The ex-dividend date will be 11 August 2016.

The dividend of 0.62 pps will be designated 0.39 pps as an interim property income distribution ('PID') and 0.23 pps as an interim ordinary dividend.

Strategy

The investment strategy remains focussed on winning cities and towns, meaning those with a competitive advantage in terms of:

· Higher levels of GDP, employment and population growth;
· Well developed infrastructure; and
· Being places where people want to live as well as work.

A concentration of assets in these locations combined with active management and long term fixed rate debt supports the potential for long term sustainable earnings growth. The portfolio also has no exposure to the City of London, Canary Wharf or European financial institutions as tenants, which could be the most impacted by the uncertainty arising from the UK's exit from the EU. As a consequence the Company is well positioned whilst remaining vigilant to potential challenges as well as opportunities following the referendum.


more...

Schroder Real Estate Investment Trust Limited will announce half year results for the six months ended 30 September 2016 on Wednesday 16 November 2016.

Interim Results

SREIT DELIVERS SOLID PERFORMANCE FROM STRONGLY POSITIONED PORTFOLIO

Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its half year results for the six month period ending 30 September 2016.

Financial highlights

· Net Asset Value ('NAV') of £316.8 million or 61.1 pps compared with £322.6 million or 62.2 pps in March 2016
· Increased capital expenditure of £5.5 million (six months to 30 September 2015: £1.1 million) that should deliver higher future returns and improve the portfolio's defensive characteristics
· Sustainable dividend cover of 106%, based on the two dividends of 0.62 pps over the period
· 10% increase in underlying EPRA earnings per share to 1.3p (six months to 30 September 2015: 1.2p)
· Strong relative outperformance of the underlying portfolio with a total return over the period of +1.8% compared with -1.1% for the MSCI Benchmark Index, placing the portfolio on the 9th percentile
· Underlying portfolio has outperformed the Benchmark Index over six months, one year, three years, ten years and since IPO in 2004
· Loan to value ('LTV'), net of all cash, remains stable at 30.0%, within the long term target range of 25% to 35%

Operational highlights

· The Company continues to deliver on its stated strategy and the successful repositioning of its portfolio is well underway with 91% now located in 'winning cities and towns' ranked in the first and second quartiles for projected UK GDP growth (Source: Oxford Economics)
· Disposal of five smaller, non-core secondary retail assets, during the period and since the period end, totalling £13.7 million, reflecting an average net initial yield of 3.9% and a 2.2% premium to valuation at start of period
· Refurbishment of vacant assets in Bristol and Cardiff near complete, leading to a portfolio rental value of £34.1 million per annum, reflecting a reversionary yield of 7.6%, compared to the Benchmark at 6.1%
· 35 letting transactions during period and since the period end, including 23 completing post-Brexit


more.....

Net Asset Value(s)


Released 07:00 30-Jan-2017.


For release 30 January 2017

Schroder Real Estate Investment Trust Limited

ANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 31 DECEMBER 2016

Schroder Real Estate Investment Trust (the ‘Company’), the actively managed UK-focused REIT, announces its net asset value (‘NAV’) and dividend for the quarter to 31 December 2016.

Net Asset Value

The unaudited NAV as at 31 December 2016 was £320.3 million or 61.8 pence per share ('pps'). This reflects an increase of 1.1% per share compared with the NAV as at 30 September 2016, or a NAV total return, including the dividend of 0.62 pps, of 2.2%. A breakdown is set out below:

more.....

A fairly sizeable discount.

ANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 31 DECEMBER 2017

Schroder Real Estate Investment Trust (the ‘Company’), the actively managed UK-focused REIT, announces its net asset value ('NAV') and dividend for the quarter to 31 December 2017.

Net Asset Value

The unaudited NAV as at 31 December 2017 was £345.5 million or 66.6 pence per share ('pps'). This reflects an increase of 1.4% per share compared with the NAV as at 30 September 2017, or a NAV total return, including the dividend of 0.62 pps, of 2.3%.

more.....

Year End Results

Financial highlights for the 12 months ended 31 March 2018

· Net Asset Value ('NAV') total return of 10.5% (31 March 2017: 7.2%).

· 6.4% increase in NAV per share for the year to 68.2 pence per share (pps).

· EPRA earnings, adjusted for abortive transaction costs, of £14.1 million (31 March 2017: £13.8 million) which reflects a dividend cover of 109%.

· Profit for the year increased 48% to £33.8 million (31 March 2017: £22.8 million).

· Low Debt with Loan to value ('LTV') of 25.3% on a long-term debt (31 March 2017: 26.0%).

Operational highlights

· Sustained outperformance of real estate portfolio with a total return of 11.8% versus the MSCI/IPD Benchmark Index of 10.7% resulting in annualised outperformance of 1.0% over the past 12 months, 2.3% over 3 years and 1.4% since IPO in July 2004.

· Portfolio supported by strong fundamentals with 93% of the portfolio located in Winning Cities.

· Positive weighting to office and industrial sectors of 64%, and no City of London or Shopping Centres.

· Reversionary income yield of 7.0%, compared with the MSCI Benchmark of 5.7%, should lead to stronger income growth over the next 12-24 months.

· Identified programme of asset management initiatives of approximately £10 million of capital expenditure initiatives over the next 12 months to generate attractive income returns.

· Over the course of the financial year sales were completed at a premium to their valuations, and the Company is seeking opportunities to reinvest.

more.....

Property Tour and Notice of Results

Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, will host a property tour for analysts and institutional investors today.

The event will include a presentation by the SREIT management team as well as site visits to key assets in Manchester and Leeds.

The presentation will be made available on the Company’s website (http://www.srei.co.uk/home).

Notice of Results

The Company confirms that it will announce its Half Year results for the six months ended 30 September 2018 on Tuesday 13 November 2018.

A presentation for analysts and investors will be held on the morning of the results. For details of the meeting, please contact FTI Consulting on the below.

-End-

Interim Results

HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

REFINANCINGS, ACQUISITIONS AND ASSET MANAGEMENT DRIVE DIVIDEND UPLIFT

Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its unaudited half year results for the six months ended 30 September 2018.

Highlights

Completed two debt refinancings that reduced interest from 4.4% to 4.0% and the average loan term to approximately nine years
Acquired offices in Edinburgh and Nottingham at a net initial yield of 6.7%, supporting the Company’s strategy to invest in assets with strong fundamentals
5% dividend increase with effect from 1 October 2018
Financial highlights for the six months ended 30 September 2018

Net Asset Value (‘NAV’) of £357.7 million or 69.0 pps, reflecting an increase over the period of 1.2%
NAV total return, including dividends paid, of 3.0% (30 September 2017: 4.5%)
Profit for the six months of £10.6 million (30 September 2017: £14.5 million), including one-off refinancing costs of £3.1 million incurred during the period
Adjusted EPRA earnings of £7.1 million (30 September 2017: £7.5 million)
Dividend cover of 107% (30 September 2017: 117%)
Loan to value (‘LTV’), net of all cash, of 29.2% (31 March 2018: 25.3%)
Property portfolio highlights

Sustained outperformance of real estate portfolio with a total return of 4.5% versus the MSCI/IPD Benchmark Index of 3.8%
95% of the portfolio now located in Winning Cities
Significant asset management initiatives include the new ten-year lease without breaks with BUPA at a rent of £1.09 million per annum, reflecting an uplift of 14%
Letting activity over the period has improved the portfolio void rate to 6.0% (31 March 2018: 7.2%)
Reversionary income yield of 7%, compared with the MSCI Benchmark of 5.6%, supporting income growth over the next 12 to 24 months.
Commenting, Lorraine Baldry, Chairman of the Board, said:

“The UK real estate market has continued to deliver attractive levels of income and total returns despite growing political and economic risk. Looking forward, these risks combined with the late stage in the market cycle means we are more cautious about the outlook and may look to realise some of the capital gains across the portfolio. The Company is well positioned in this environment due to its high quality, diversified portfolio, a high income return, stable balance sheet and potential to enhance income and value from ongoing asset management initiatives.”

Duncan Owen, Global Head of Schroder Real Estate, added:

“In the face of challenges to the UK real estate market presented by current political and economic uncertainty, we will continue to be active managers adopting a disciplined approach. Our broad pipeline of asset management initiatives provide opportunities to add value throughout the cycle. This activity is a mainstay of the Company’s strategic objectives, the delivery of which is intended to sustainably increase net income. We will also sell assets where good performance can be realised and reinvest in opportunities which will generate higher net income.”

-Ends-

DIVIDEND ANNOUNCEMENT

The company announces an interim dividend of 0.6355 pence per share (‘pps’) for the period 1 July 2018 to 30 September 2018. The dividend payment will be made on 5 December 2018 to shareholders on the register as at 23 November 2018. The ex-dividend date will be 22 November 2018.

The dividend of 0.6355 pps will be designated 0.35 pps as an interim property income distribution (‘PID’) and 0.2855 pps as an interim ordinary dividend.