13th Apr 2023 08:44
Schroder European Real Estate Investment Trust PLC - London and Johannesburg-listed property investor - Says the direct property portfolio was independently valued at EUR220.2 million as at March 31, reflecting a marginal like-for-like decrease 1.3% over the second quarter, excluding the recent acquisition of an industrial warehouse in Alkmaar, located in the Netherlands. This change was primarily driven by 25 basis points of outward yield movement, which more than offset the positive impact of rental growth, increasing the portfolio net initial yield to 6.2%.
Schroder European Real Estate says the portfolio office exposure comprises investments in Hamburg, Stuttgart and Paris. Over the quarter, the marginal valuation decline for these assets has been mitigated by market rental growth in the respective sub-markets. In addition, office occupancy figures in Continental Europe's major cities are close to the pre-pandemic European average of 70%.
Current stock price in Johannesburg: ZAR19.99, unchanged on Thursday
s12-month change: down 4.8%
Stock price close in London: 83.40 pence
12-month change: down 27%
By Artwell Dlamini, Alliance News reporter
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