Schroder Real Estate Investment Trust
Schroder Real Estate Investment Trust Limited (SREIT) was established in 2004 and aims to provide shareholders with an attractive level of income together with the potential for income and capital growth through investing in UK commercial real estate.
Key reasons to invest:
- The portfolio has generated a long term track record of outperformance compared with comparable real estate portfolios.
- The investment themes and strategy are focused on winning cities and towns offering; high levels of GDP, employment and population growth; well-developed infrastructure and places where people want to live as well as work
- The portfolio is principally invested in the three main UK commercial real estate sectors of office, industrial and retail, and may also invest in other sectors including, but not limited to, residential, leisure, healthcare and student accommodation.
SREIT has been managed since launch by Duncan Owen, Global Head of Real Estate and Nick Montgomery, Head of UK Real Estate Investment, who have a combined investment experience of more than 45 years.
On 1 May 2015, SREIT converted to a Real Estate Investment Trust ('REIT') in order to benefit from the various tax advantages offered by the UK REIT regime.
|Performance||Q2 2015 - Q2 2016||Q2 2014 - Q2 2015||Q2 2013 - Q2 2014||Q2 2012 - Q2 2013||Q2 2011 - Q2 2012|
|Net asset value total return||10.8||21.9||20.6||-2.9||6.6|
|SREIT Real Estate Total Return||11.3||19.4||17.4||2.1||6.1|
|MSCI Quarterly Version of Balanced Monthly Index Funds||9.1||15.7||15.8||3.1||4.1|
¹ Source: Schroders, Datastream, bid to bid price with net income reinvested in GBP.
² Source: Schroders, NAV to NAV (per share) plus dividends distributed.
³ Source: MSCI Quarterly Version of Balanced Monthly Index Funds (including indirect investments on a like-for-like basis)
Tony Smedley, Head of Continental European Investment
Tony is responsible for the management and investment of the Continental European real estate funds platform at Schroders. This involves fund and asset management, resourcing, capital raising and business development. He is also a member of the Schroder Real Estate Investment Committee.
Tony is Fund Manager of the European Real Estate Investment Trust and Immobilien Europa Direkt, a fund joint venture with Zurich, both of these investing on a Pan European basis.
Duncan Owen, Global Head of Real Estate
Duncan has been Fund Manager of Schroder Real Estate Investment Trust since launch in 2004. Duncan is Global Head of Real Estate at Schroders and therefore responsible for managing the real estate business as a whole. Duncan is also Chairman of the Schroder Real Estate Investment Committee. Prior to joining Schroders in 2012 Duncan was Chief Executive Officer of Invista Real Estate and Managing Director of the real estate division at Insight Investment. Prior to this he was a founding partner of specialist boutique, Gatehouse Investment Management. During his career he was also a partner at Jones Lang Wootton and a director at LaSalle Investment Management. Duncan is a member of the Royal Institution of Chartered Surveyors, a member of the British Property Federation’s Policy Committee and is an FCA approved person.
Jeff O’Dwyer, Investment Manager, Continental Europe
Jeff is based in London and has over 20 years of real estate experience across a cross section of disciplines including, acquisition, investment management and fund management with a central focus on office, retail and industrial asset classes. The majority of his career has been spent operating in Continental Europe, having lived and worked there for over 11 years. Jeff joined Schroders in January 2015 to focus on Pan European management and acquisition initiatives. Jeff was formerly a Director of Pacific Real Estate Capital Partners, a European investment advisory business, with responsibility for sourcing, analysing and structuring investment opportunities in Continental Europe. Prior to joining Pacific Real Estate Capital Partners, Jeff was a Director at UBS Global Asset Management where he spent time based in London and Milan and led UBS's European Portfolio Transaction initiatives. Jeff was previously a member of Lend Lease's European retail fund team and broader European Capital Transactions team. He has also held positions in Australia and New Zealand for a listed retail REIT (St Lukes Group now owned by Westfield) and a boutique fund management company, MTM Funds Management. Jeff has an Honours Degree in Land Economics and is an FCA approved person.
Andrew is responsible for debt and corporate finance activity undertaken by Schroder Real Estate Investment Trust. Andrew is also Head of Real Estate Finance at Schroder Real Estate. His role focuses on managing the capital structure of funds and investments, including originating, structuring and managing debt finance and raising equity. Andrew also oversees interest rate and foreign exchange hedging. Prior to joining Schroders in 2012 Andrew worked at Invista Real Estate. Prior to joining Invista, Andrew was an Associate in the Commercial Mortgage-Backed Securities team at HSBC. He began his career in the real estate team at Ernst & Young and qualified as a Chartered Surveyor with Knight Frank. Andrew holds a degree from the University of Cambridge and is an FCA Approved Person.
Schroder Real Estate Direct Investment Committee
Duncan Owen, Global Head of Real Estate (Chair)
Nick Montgomery, Head of UK Real Estate Investment
Nick Montgomery joined Schroder REIM in January 2012 from Invista Real Estate Investment Management Limited where he was Head of UK Commercial Funds and was responsible for managing the Company's portfolio. Previously Nick worked at Gatehouse Investment Management, managing the Westbury Property Fund and identifying and acquiring property assets with third party equity and debt. He started his investment management career in 1999 at LaSalle Investment Management managing institutional pension fund property portfolios.
Nick holds a BSc (Hons) in Estate Surveying from Nottingham Trent University. He is a member of the Royal Institution of Chartered Surveyors and an FCA approved person.
Tom Walker, Co-Head of Global Real Estate Securities
Tom Walker, along with Hugo Machin, co-manages Schroder Global Cities Real Estate, Schroder Global Cities Real Estate Income, Schroder ISF Global Cities Real Estate, Schroder ISF Asia Pacific Cities Real Estate as well as a number of segregated mandates. Tom joined Schroders in July 2014 from AMP Capital, where he worked with for over 8 years. He has over 17 years of real estate experience. Tom worked at Jones LaSalle for 6 years prior to joining AMP in 2005. He has a BA (Hons) in Politics from the University of Newcastle Upon Tyne and a Graduate Diploma in Real Estate from London South Bank University.
James Lass, UK Real Estate Fund Manager
James Lass joined Schroder Real Estate in 2006 and is Fund Manager for the Schroder UK Real Estate Fund. James is responsible for delivering the fund’s strategy and business plans of each individual investment. James has five years investment experience within a private practice and prior to that worked at Savills and Allsop.
James holds an MA in Property Valuation & Law and a BA (Hons) in Public Policy and Management. He is a member of the Royal Institution of Chartered Surveyors.
Mark Callender, Head of Real Estate Research
Mark joined Schroders in April 2016 and is responsible for Schroders’ UK and international real estate research. Mark was previously Research Director for IPD and was responsible for IPD’s regular publications and indices covering European markets. His investment career commenced in 1990 upon joining IPD as a research manager having previously worked at House-builders Federation as Chief Economist from 1987.
Mark is a Member of Society of Property Researchers, Investment Property Forum and Pan European Property Common Interest Group. He has a BA in Economics from York University and has 25 years’ real estate experience.
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This article illustrates the important differences between investment trusts and unit trusts, and is designed to help investors make the investment decision which is right for them.
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What are the risks?
- Past performance is not a guide to future performance and may not be repeated.
- The value of investments, and the income from them, can go down as well as up and investors might not get back the amount originally invested.
- Companies which invest in a smaller number of assets carry more risk than those spread across a larger number of assets.
- The Company will invest solely in property located in one country or region. This can carry more risk than investments spread over a number of countries or regions.
- The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the assets purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so.