Reduction of the Share Premium Account

As stated in the prospectus of Schroder European Real Estate Investment Trust plc (the "Company") dated 11 November 2015, in order to increase the distributable reserves available to facilitate the payment of future dividends, the Company had resolved that, conditional upon First Admission and the approval of the Court, the amount standing to the credit of the share premium account of the Company immediately following completion of the Initial Placing and Offer be cancelled and transferred to a special distributable reserve.

The Company is pleased to announce that, following the approval of the Court and the subsequent registration of the Court order with the Registrar of Companies on 23 March 2016, the reduction has now become effective. Accordingly, the amount of £96,749,991 previously held in the share premium account has been cancelled.

Given that the Company issued further shares subsequent to First Admission, on 14 December 2015 and on 12 February 2016, there is a balance remaining to the credit of the share premium account following the above cancellation.