Schroder European Real Estate Investment Trust - SERE

A long-term sustainable income and value from growing European cities

Why invest in SERE?

A unique and compelling opportunity to invest in a diversified portfolio of commercial Continental European real estate


Behind the trust: read our philosophy article >

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Income profile and potential inflation hedge

Income considered to be a strong inflation hedge with all leases subject to indexation. Attractive ordinary dividend yield of circa 7.6% on current share price (as at 29 November 2023) with significant investable firepower and strong balance sheet.

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Focus on ‘Winning Cities’ with feet on the ground

Portfolio focused on higher-growth regions. Local investment and asset management teams with specialist sector and country knowledge. Hospitality led approach to asset management and tenant relationships, enhancing returns.

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Value creation and sustainability

A track record of successfully executing on asset management initiatives to generate strong shareholder returns. Opportunity to improve portfolio sustainability credentials and leverage off Schroders market leading expertise.

Key facts

As at 30 September 2023

€243.0m

Portfolio value

Reflects the value of directly held property assets of €214.1m and available cash of €28.9m.

47

Number of tenants

€28.9m

Available cash

Calculated by deducting net assets and liabilities as well as yet to be paid dividends.

24%

Loan to value net of cash

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NEW: Annual Report & Accounts 2023
Investor Presentation: Annual Results 2023
Latest Factsheet
Kepler Research Note
Morningstar Report
Key Information Document (UK)
Key Information Document (EU)

Annual Results 2023

On 6 December 2023, Manager Jeff O'Dwyer presented the Trust's annual results for the year ended 30 September 2023. The presentation can be downloaded above.

Explore the map to find out more about our portfolio

As at 30 September 2023.

Performance and charges

For further performance data please download the latest factsheet or visit the London Stock Exchange website.

Ongoing charge: 2.41%

Discrete yearly performance (%)

Discrete Yearly Performance (%)

Q3 2022 - Q3 2023

Q3 2021 -Q3 2022

Q3 2020 -Q3 2021

Q3 2019 -Q3 2020

Q3 2018 -Q3 2019

Share Price Total Return (GBP) (1)

-14.7

-0.8

77.2

-40.9

3.3

Net Asset Value Total Return (Euro) (2)

-5.0

7.3

3.2

16.2

4.1

Net Asset Value Total Return (converted to GBP) (3)

-6.3

9.8

-2.3

18.9

3.4

Issued in December 2023. Data as at 30 September 2023.

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 you may not get back the amount originally invested.

1 Source: Schroders, Datastream, bid to bid price with net income reinvested in GBP.

2 Source: Schroders, NAV to NAV (per share) plus dividends

3 Source: Schroders, NAV to NAV (per share) plus dividends paid. Converted into GBP.

Portfolio in focus

Sustainability

We believe it is our responsibility as real estate investors to identify, understand and manage environmental, social and economic impacts, positive and negative, to deliver resilient investment returns for the long term and manage exposure to impacts of financial and non-financial risks.

Awards

Real Estate

The Global Real Estate Sustainability Benchmark (GRESB) is a missiondriven and industry-led organisation that provides actionable and transparent environmental, social and governance (ESG) data to financial markets. GRESB provides a consistent framework to measure the ESG performance of individual assets and portfolios based on self-reported data.

The Portfolio Manager

"We focus on locations within European growth cities that will benefit from rapid urbanisation in order to deliver long term sustainable income and value."

Jeff O'Dwyer

Fund Manager, European Real Estate

Independent Board of Directors

Slide 1 of 11
Annual Report and Accounts 2023
Interim Report & Accounts 2023
Terms of Reference: Audit & Risk Committee
Terms of Reference: Nomination Committee
Terms of Reference: Management Engagement Committee
EPRA Assurance Statement
AGM results 2023
Annual Sustainability Report - 2023
Pre-Investment AIFMD Disclosures
Prospectus
Change of Auditor

Archive

Annual Reports and Accounts

2022 / 2021 / 2020 / 2019 / 2018 / 2017 / 2016

Half Year Report

2022 / 2021 / 2020 / 2019 / 2018 / 2017 / 2016

AGM Results

2022 2021 2020

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Investing in Schroder European Real Estate Investment Trust

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 rise and fall and investors may 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 may 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.

The fund holds investments denominated in currencies other than sterling, changes in exchange rates will cause the value of these investments, and the income from them, to rise or fall.

The dividend yield is an estimate and is not guaranteed.

Non-Mainstream Pooled Investments (NMPI) Status

The Company currently conducts its affairs so that its shares can be recommended by IFAs to ordinary retail investors in accordance with the FCA's rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company's shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

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Please remember that the value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Marketing material

Issued by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered Number 4191730 England.

For illustrative purposes only and does not constitute a recommendation to invest in the above-mentioned security / sector / country.

Schroder Unit Trusts Limited is an authorised corporate director, authorised unit trust manager and an ISA plan manager, and is authorised and regulated by the Financial Conduct Authority.

On 17 September 2018 our remaining dual priced funds converted to single pricing and a list of the funds affected can be found in our Changes to Funds. To view historic dual prices from the launch date to 14 September 2018 click on Historic prices.