Further Acquisition in Milton Keynes

For release 27 November 2014 Schroder Real Estate Investment Trust Limited (the `Company') FURTHER ACQUISITION IN MILTON KEYNES The Company announces that it has acquired Heathfield Industrial Estate inMilton Keynes for £5.06 million. The property produces a rent of £410,883 perannum, reflecting a net initial yield of 7.7% and a reversionary yield,assuming all units are let at current market rents, of approximately 8.8%. Theproperty immediately adjoins the 213,536 sq ft Stacey Bushes Industrial Estatein Milton Keynes that was acquired by the Company in August 2014. The freehold property comprises a 28 unit industrial estate totalling 104,200sq ft that was originally built in the late 1980s, with the majority of theestate benefiting from a recent refurbishment. The current average rent is £3.94 per sq ft with an average unexpired lease term, assuming the earlier oflease expiry or tenant break options, of approximately two years. The acquisition provides critical mass in an established location with 18 ofthe 28 units at Heathfield smaller than those available at the adjoining StaceyBushes estate. This is expected to create opportunities to add value throughasset management by relocating tenants across the enlarged estate as theirbusinesses grow or contract. Following completion of the acquisition and receipt of the net placing proceedsof approximately £26.5million, the Company will have cash balances ofapproximately £43.7 million. For further information: Schroder Property Investment Management Limited: 020 7658 6000Duncan Owen / Nick Montgomery Northern Trust: 01481 745529David Sauvarin FTI Consulting: 020 3727 1000Dido Laurimore / Ellie Sweeney