SERE dividend

ANNOUNCEMENT OF NAV AND QUARTERLY DIVIDEND

Portfolio valuation increase and asset management initiatives underpin positive total return and fully covered dividend

Schroder European Real Estate Investment Trust plc, the company investing in European growth cities and regions, provides a business update and announces its unaudited quarterly dividend and net asset value (“NAV”) as at 30 June 2024.

–   Third quarterly interim dividend of 1.48 euro cps declared, fully covered by EPRA earnings, reflecting an annualised dividend yield of c.7.6% based on the current share price¹;

–   Underlying adjusted quarterly earnings from operational activities (“EPRA earnings”) of €2.0m (quarter ended 30 June 2023: €2.1 million)

–    Total interim dividends declared relating to the nine months of the current financial year of 4.44 euro cps, 106% covered by EPRA earnings;

–    The direct property portfolio was independently valued at €208.3 million², reflecting a marginal like-for-like increase over the quarter of 0.1% (31 March 2024: -1.0%), or €0.2 million, demonstrating valuation resilience and signalling improving sentiment as a result of falling interest rates;

–   Unaudited NAV of €164.0 million, or 122.6 euro cents per share (“cps”) as at 30 June 2024 (31 March 2024: €165.3 million, or 123.6 euro cps), driven primarily by a small property valuation increase, offset by capital expenditure and deferred taxes;

–     NAV total return of 0.4% for the quarter and -0.9% over the nine months of the current financial year;

–  The Company remains well positioned with a strong balance sheet, an available cash balance of approximately €26 million, and a loan to value ratio (“LTV”) of 25% net of cash and 33% gross of cash;

–    Two lease re-gears, totalling 2,242 sqm, completed at the Frankfurt grocery investment, securing long-term income from high profile tenants and increasing the unexpired lease term to break by over eight years:

o  a 1,641 sqm 15-year lease extension (from 2027 to 2042) with anchor tenant Lidl; and

o  an 8-year lease extension (from 2029 to 2037) with pet specialist, Fressnapf, for 601 sqm