17th Jan 2025 10:31
Schroder European Real Estate Investment Trust PLC - invests in "European growth cities" - Launches share buyback to be run by broker Panmure Liberum Ltd. Doesn't provide a target size for the buyback, but says it has about EUR25 million in cash currently, and this will rise to EUR28 million once the sale of a grocery property in Frankfurt completes in March. At that point, the REIT's net loan-to-value ratio will be reduced to 21% from 25% currently. The company currently has shareholder permission to buy back up 20.0 million shares, which would be worth GBP12.9 million. It notes that its shares are trading at a discount to net asset value, so repurchasing them "presents an attractive opportunity for shareholders".
Current stock price: 64.19 pence, up 2.9% in London on Friday for GBP86.1 million market capitalisation
12-month change: down 7.0%
By Tom Waite, Alliance News editor
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