Valoración de cartera de propiedades
11 de abril de 2024
VALORACIÓN DE CARTERA INMOBILIARIA
Schroder European Real Estate Investment Trust plc ("SERE" o la "Compañía"), la empresa que invierte en bienes raíces en ciudades europeas en crecimiento, proporciona hoy una actualización sobre la valoración independiente de la cartera de propiedades al 31 de marzo de 2024:
- The direct property portfolio was independently valued at €208.1 million. The marginal like-for-like decrease over the quarter of -1.0% (31 December 2023 -1.8%), or -€2.2 million,1 was driven by continued outward yield movement, particularly for offices and select retail. The rental income has remained stable with a continuing high level of rent collection and the portfolio benefiting from indexation and high occupancy of 96%
- The portfolio office assets (33%2) witnessed a valuation decline of -€0.9 million, or -1.1%, comprising:
o Stuttgart (-€1.0m/-5.0%) and Hamburg (-€0.3m/-1.4%), reflecting 25 basis points and 15 basis points of outward yield movement respectively.
o The St Cloud, Paris valuation increased €0.4 million, or 1.1%, driven by indexed-led income growth and a new 6/9/12 year lease for 540 sqm of office space.
- La cartera de activos industriales. (% 302) witnessed a valuation increase of €0.3 million, or 0.4%, driven by index-linked income growth in Rennes, France, as well as estimated rental value ("ERV") growth in Venray, the Netherlands.
- The German retail portfolio (% 172) valuation declined -€0.9 million, or -2.3%, due to 15 basis points of outward yield movement in the Berlin DIY investment, whilst the Frankfurt grocery asset valuation remained unchanged.
- The valuation of the two alternative investments (9%2) declined marginally to €0.7 million, or -3.2%, as a result of c.15-35 basis points of outward yield shift.
- Based on 31 March 2024 values and following the recent Rennes logistics loan refinancing, the portfolio LTV is approximately 33% based on gross asset value and 24% net of cash (31 December 2023 LTV 33% gross and 24% net of cash).
- The Company remains well positioned with significant cash reserves and is continuing to review select sustainability-led capex initiatives in the portfolio, which should optimise earnings growth and asset liquidity.
(1) In addition, the Company has a 50% interest in a joint venture in Seville which continues to be recognised at nil value
(2) Including available cash
Consultas:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Teléfono: 020 7658 6000
Shilla Pindoria
Schroder Investment Management Limited Tel: 020 7658 6000
Dido Laurimore/Richard Gotla/Ollie Parsons
FTI Consulting Tel: 020 3727 1000
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