Schroder European Real Estate Investment Trust boosts property portfolio following £45m deal for a Seville shopping centre

Shruti Tripathi Chopra
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Schroder REIT bought the Metromar shopping centre in Seville this week (Source: L35)

London-listed Schroder European Real Estate Investment Trust's (SEREIT) boosted the value of its portfolio in the six months to 31 March despite "political and economic uncertainty".

The real estate firm, which floated in London in 2015, reported a net asset value (NAV) total return of 2.5 per cent €182.7m (£158m) during the period.

The figures came as Schroder acquired a Seville shopping centre in a £45.47m deal this week.

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The company said it will continue to focus on growing its portfolio of office and retail real estate across Europe this year. It hopes to use €30m of its remaining investment capacity in the coming months. The company has teams based in London, Frankfurt, Paris, Zurich, Luxembourg and Stockholm, with 100 real estate staff.

Julian Berney, non-executive chairman of the company, said: “This has been a period of good progress for the Company, against a background of political and economic uncertainty, and we are making further progress on delivering our target 5.5 per cent dividend yield as we complete the investment programme, providing shareholders with sustainable long-term income and the potential for capital growth.”

Tony Smedley, SEREIT investment manager, added:

“The company is now almost fully invested in institutional quality, income-producing commercial real estate, in those cities and regions in western continental Europe that demonstrate above average growth prospects and long term structural themes such as urbanisation."

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