SCHRODER European Real Estate Investment Trust, which invests in properties in European growth cities, said its direct property portfolio was independently valued at €207.1 million (R3.6 billion), reflecting a like-for-like increase of 2.2 percent over the quarter.
This excluded a recently acquired industrial warehouse in Venray in the Netherlands.
In addition, a 50 percent interest in a joint venture in Seville continued to be recognised at nil interest, Schroder said in an update yesterday.
The majority of the valuation uplift was driven by improved yield re-rating at the Berlin retail DIY investment, delivering a valuation increase of 6.2 percent.
There was also an improved yield re-rating at the Hamburg office investment, delivering a valuation increase of 5.2 percent, and an improved yield re-rating at Rennies logistics investment that delivered a valuation increase of 4.8 percent.
Some 96 percent of rent due for the quarter ended December 31, 2021 had been collected.
BUSINESS REPORT ONLINE