SEREIT: Schroder European Real Estate Investment Trust in the UK

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Introduction

Portfolio

Strategy

Investors

Sustainability

Investment Objective

The investment objective of the Company is to provide Shareholders with a regular and attractive level of income return together with the potential for long term income and capital growth through investing in commercial real estate in Continental Europe.

The opportunity

Managed by an experienced real estate investment manager, who is supported by a large team of real estate professionals located in key hubs across Europe, including London, Paris, Frankfurt, Stockholm, Brussels, Munich, and Zurich.
Invest in high quality, income producing real estate, targeting a dividend yield to investors of 5.5% p.a. and the potential for long term income and capital growth.
Target the most liquid markets in continental Europe, such as Paris and Berlin, where there is potential for GDP and rental growth above national averages

The value of investments and the income from them may go down as well as up and investors may not get back the amounts orginally invested. There is no guarantee the fund will achieve this objective.

Winning Cities

Demand is increasingly concentrated in 'Winning Cities', offering a competitive advantage in terms of higher levels of GDP, employment and population growth; differentiated local economies with higher-value industries; well-developed infrastructure; and places where people want to live and work. Winning Cities will change over time and investments will be made in other locations where we see higher rates of future growth that could lead to mispricing opportunities.

Differentiated economy

Globally facing, financial services and TMT hubs, value-add manufacturing

Infrastructure improvements

Transport, distribution, energy, technology

Employment growth

High-value new jobs, wealth effect, population growth

Environment

Live and work, tourism andamenities, universities, cathedral cities, dominant retail and leisure

Meet the managers

Jeff O’Dwyer

Lead Manager

Jeff O'Dwyer joined Schroders in 2015 and is the responsible Fund Manager for the publicly listed Schroder European Real Estate Investment Trust. This portfolio is dual listed on the London and Johannesburg stock exchanges. Jeff’s role entails all facets of investment management including acquisition sourcing and due diligence, asset management, portfolio management and investor relations with the aim of delivering superior investment performance. Jeff has been working in the European investment market for approximately 20 years and is based in London having had previous stints living and working in Italy and Germany. Previous to Schroders, Jeff was an equity director at Pacific Real Estate Capital Partners from 2010 to 2014, Director within the Investment management team at UBS Real Estate from 2003 to 2008 and Associate, Capital Transactions at Lend Lease from 2001 to 2003 and prior experience in Australia and New Zealand. Jeff holds a Bachelor of Science – Land Economy (Hon.) from UTS Sydney, further studies from INSEAD and is an FCA approved person.

Andrew MacDonald

Head of Real Estate Finance

Andrew is Head of Real Estate Finance and has responsibility for managing corporate finance and debt investments across the Schroders Group real estate funds in the UK and Europe. His role focuses on managing the capital structure of funds and investments, including originating, structuring and managing debt finance, hedging and equity.

Andrew joined the Schroders Group in January 2012. Previously he worked at Invista from 2008. Before 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.

Sophie Van Oosterom

Global Head of Real Estate

Sophie van Oosterom joined Schroders in January 2021 as the Global Head of Schroders Real Estate. She is responsible for leading the growth strategy of the business and ultimately delivering investment performance to clients. She chairs the real estate management committee and investment committee.

Sophie was most recently CEO and CIO of EMEA for CBRE Global Investors, where she successfully led change management and growth of the platform to EUR 40bn AuM. She also served as a member of the global executive committee and global investment committee.

Before that Sophie was a managing director at Lehman Brothers Real Estate Partners (now Silverpeak) and head of asset/portfolio management for Europe and Asia. She started her career in investment banking with JP Morgan and Barings.

Sophie holds a MSc in Economics cum laude from the University of Amsterdam. She is a Governing Trustee of the Urban Land Institute since January 2020 and an honorary citizen of Marseille, France.

Laurent Dubos

Head of Real Estate - France

Laurent Dubos is Head of Real Estate - France at Schroders, which involves sourcing and execution of new property investments and maximisation of investment performance through leasing and works, across the various funds and client portfolios in France, Belgium and Luxembourg. He joined Schroders in 2018 and is based in Paris.
Laurent was Managing Director at Woodeum from 2015 to 2018, which involved new office and hotel developments.
He was Executive Director - Head of Asset Management at AEW Europe from 2011 to 2015.
He was Head of Asset Management at Cleaveland Real Estate Investment Management from 2009 to 2011.
He was Investment Director - Office Division at Unibail-Rodamco-Westfield from 2005 to 2009.
Qualifications: Other in real estate from Royal Institution of Chartered Surveyors (RICS); French Business School ESSEC MBA.

Nils Heetmeyer

Investment Manager, Germany

Nils Heetmeyer is an Investment Manager at Schroders, which involves investing in real estate assets throughout Germany. He was involved in most of the recent transactions in Germany and has a strong access to the market. In addition he is managing a seperate account with a diversified German real estate portfolio on behalf of an institutional investor. He joined Schroders in 2012 and is based in Frankfurt.
Nils was a Product Manager Closed End Fund Solutions at Credit Suisse (Deutschland) AG from 2010 to 2011.
Qualifications: MA in Real Estate Investment & Finance from European Business School (EBS); CFA Charterholder; CAIA Charterholder; Diploma in Business Administration from Universität zu Köln.

Roger Hennig

Head of Switzerland and Nordic Real Estate

Roger Hennig is Head of Real Estate Investment Switzerland, Germany and Nordics at Schroders, Responsible for Schroders' real estate investment business in Germany, Nordics and Switzerland. He joined Schroders in 2008 and is based in Zurich.
Roger was Head of Real Estate Funds at Swiss Re, Zurich from 2001 to 2008, Implementation of active & professional real estate portfolio management; Responsible for real estate transactions in commercial sector; Development of distribution channels and client relationship management; Due Diligence of indirect investments.

Qualifications: Member of Royal Institution of Chartered Surveyors Royal Institution of Chartered Surveyors; MA Expert in Finance and Investment - CFA Swiss Financial Analysts Association (SFAA / AZEK); Swiss Federal Diploma Swiss Diploma as a Real Estate Trustee SVIT Switzerland.

Local presence, active management expertise and strong performance

Global real estate manager investing since 1971
Active management with core+ style
Over £16 billion of real estate AUM
Over 200 people involved in the management of real estate with over 100 in London
Investing in 'Winning Cities' with active management style
85% of real estate AUM outperformed client benchmarks or performance targets over three years¹
£12 billion of transactions in UK and Europe in the last five years²
Real estate personnel in 16 locations across Europe, Asia and the USA
Pension funds and insurance companies represent over 60% of our client base

^{Source: Schroders, data as at 30 June 2019; U Past performance is not a guide to future performance and may not be repeated. 1:Represents 3 years to 31 March 2019; 2: Transactions including direct and indirect investments for the five year period to 30 June 2019}

Investment policy

The investment policy of the Company is to hold a diversified portfolio of commercial real estate in Continental Europe with good property fundamentals. The Company may invest directly in real estate assets (both listed and unlisted) or through investment in special purpose vehicles, partnerships, trusts or other structures. The Company invests in a portfolio of institutional grade income-producing properties with low vacancy and creditworthy tenants. In addition, the portfolio is diversified by location, use, size, lease duration and tenant concentration.

The Company has the ability to invest in any country in Continental Europe, although preference is given to mature and liquid markets.

The Company targets office, retail, logistics/light industrial, leisure investments and assets which offer the potential for multiple uses.

The Company is valued with reference to the net asset value of the underlying assets. Shares in the Company are traded on the London Stock Exchange and Johannesburg Stock Exchange and are bought and sold in the market. Typically, at any given time, on any given day, the price you pay for a share will be higher than the price at which you could sell it. The return to an investor is dependent on the performance of the share price, which may rise and fall in the market, and which is largely determined by the performance of the underlying investments. The Company calculates a net asset value on a quarterly basis and announces it to the market. The net asset value per share represents the value of the Company’s assets less liabilities, divided by the number of shares in issue. The Company is valued with reference to the value of the underlying assets.

The Company borrows for investment purposes. This will magnify any gains or losses made by the Company.

The Company has no maturity date. The Company may only be terminated by a shareholders’ voluntary liquidation or by a compulsory liquidation if the Company were unable to pay its debts.

Share Price and Market News

View latest price, announcements, and share price performance at the London Stock Exchange:

Schroder European Real Estate Investment Trust

Investor profile

May be suitable for investors who:

are seeking a potentially higher income
are willing to accept possible short-term losses for the benefit of potential long-term gains
are looking for potential growth from exposure to long-term investments in continental European commercial real estate
are comfortable with the risks associated with an equity-based investment
have a medium- to long-term investment horizon of three to five years or more

May not be suitable for investors who:

are seeking a lower-risk fund
don’t want to put their capital at risk
are uncomfortable with the level of risk associated with property-based investment
have a short-term investment horizon
can’t tolerate short-term volatility
are uncomfortable with the risks associated with investing in continental European commercial real estate

Getting started

Investment trusts offer a flexible and effective way to gain exposure to some of the world's most dynamic markets and regions, and can be used to meet a variety of investment outcomes. For more information on how Schroder European Real Estate Investment Trust shares can be bought and sold, visit our How to invest page.

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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 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.

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Contact Schroders

Schroders is a world-class asset manager operating from 37 locations across Europe, the Americas, Asia, the Middle East and Africa.

Worldwide locations

For any further questions, please contact us.

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.

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.

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