Schroder European Real Estate rental collections improving
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Schroder European Real Estate Investment Trust (SERE), a company that invests in real estate in European growth cities, has collected about 94 percent of rent due for the quarter ended June 30, 2021, the group said in an update yesterday.
This was ahead of the amount collected in the previous two quarters of 92 percent.
As at June 30, the property portfolio was independently valued at €204.7 million, an increase of 0.9 percent on the March 31 valuation of €202.9m.
Excluding the 50 percent interest in Metromar Seville, which was now reflected at nil in the balance sheet, the portfolio increased in value by 1.2 percent.
Full occupation, and an improved yield re-rating at the Hamburg office investment delivered a valuation increase of €1.9M or 9.5 percent. The Stuttgart office investment where the valuation increased by €1m, or 5.4 percent, also helped drive up the overall valuation.
Loan to value stood at 29 percent as at June 30, 2021, and no debt maturity before 2023
New investments would continue to be reviewed following last month’s signing of a €6.15m logistics investment in Nantes, France, reflecting a net initial yield of 5.5 percent and an unexpired lease term of 7 years.