Schroder European Real Estate Investment Trust · Investment Finance European markets Growth strategy •€242.7m1 portfolio in growth ... Senior team overseeing real estate platform

Jeff O’Dwyer: SEREIT ManagerAndrew MacDonald: Head of Real Estate FinanceLaurent Dubos: Head of investment, France

9 December 2019For professional investors and advisers only. This material is not suitable for retail clients

Schroder European Real Estate Investment TrustFull Year Results Presentation – YE 30 September 2019

Contents page

1

01 Highlights

02 Portfolio and asset management

03 Markets

04 Financial review

05 Summary

The European growth city strategyAcquisitions and asset management support long term dividend and growth

2

Investment Finance Growth strategyEuropean markets• €242.7m1 portfolio in growth

cities and regions; up 9% on purchase price

• 100% of portfolio located in higher growth locations

• Increased exposure to 20% for warehouse sector

• Secured conditional 10 year lease for largest tenant

• Concluded 18 new leases and re-gears at a 2% uplift and a weighted lease term of c. 9 yrs

• 94% occupancy, 6.4 yrs lease length1

• GRESB Green Star rating achieved

• Good diversification: across city, sector and tenant

• Quarterly dividend equating to annual yield c.5.5% on share price2

• 30 September 2019 NAV remained flat at €182.1m(136.2 cents per share)

• NAV total return of 4.1% over the financial year to Sept 2019

• 29% LTV at interest cost of 1.4% and duration of 4.9 years1

• Markets: Positive relative economic backdrop:

- GDP positive - Low unemployment- Voids falling- Rents increasing- Price growth continues- Modest development pipeline

• Megatrends: Urbanisation, infrastructure, demographic change

• Market presence: Deep local market knowledge and access of Schroder European teams

Asset Management: Execute key asset management initiatives to deliver shareholder returns

Accretive growth: Grow portfolio through identifying earnings enhancing capex and acquisitions

Scale benefits: Improves diversification, liquidity and cost economies

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

Source: Schroders, December ‘19 1as at 30 September ’19. 2Based on share price of £1.17 p.s. and GBP:EUR FX Rate of 1.17

Portfolio and asset management

Portfolio€242.7m1 invested across 13 assets in France, Germany, Spain and Neth.

Source: Schroders, December 2019. For illustrative purposes only and should not be viewed as a recommendation to buy or sell. 1Portfolio market value and individual values are based on 30 September 20194

Jan 2016

€0 €243m1

2019

Retail Warehouse €26.9m

Berlin, GermanyOffice €17.2m

Stuttgart, GermanyRetail €11.45m

Frankfurt, Germany

Office €41.6m

Paris, France

Office €37.9m

St. Cloud, Paris,FranceOffice €16.7m

Hamburg, Germany

Retail €23.5m (50%)

Seville, Spain

Data centre / mixed use €20m

Apeldoorn,Netherlands

Logistics €17.6m

Rennes, France

Logistics €7.8m & €3.1m

Houten & Utrecht, Netherlands

Logistics €8.7m

Rumilly, France

Logistics €10.25m

VenrayNetherlands

https://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwi2g4HTwrnZAhUEthQKHSuoBxIQjRx6BAgAEAY&url=https://en.wikipedia.org/wiki/Flag_of_the_Netherlands&psig=AOvVaw02C7SiUbmfUgXnElsr84rm&ust=1519388839210754



Continental European expertise Senior team overseeing real estate platform of over 180 people

5

Support from legal, accounting, operations, risk and client servicing teams basedin London, Jersey and Luxembourg

NordicsEva Granlund

Local Asset Management Teams

Duncan OwenGlobal Head of Real Estate

FranceLaurent Dubos

SwitzerlandRoger Hennig

GermanyNils Heetmeyer

Mark CallenderHead of Real Estate

Research

Andrew MacDonaldHead of Real Estate

Finance

Robin HubbardHead of Real Estate Capital

Offices Retail Industrial

BeneluxFanny Guenzi

Jeff O’DwyerPan European Fund Manager

Source: Schroders, December 2019.

Hotel

Jonathan HarrisHead of Continental Europe Real Estate

Investment activity during the periodStrengthening industrial warehousing allocation – 20% of portfolio

6

Rennes, France logistic purchase

Purchase Price €17.3m / €725 psm / 5.9% NIY

LocationLocated in Eastern Brittany, 60km from Rennes and 16km from Saint-Malo. The property is located at the junction of two major arterial routes and benefits from excellent sea, high speed rail and air connectivity

Description

Two separate and divisible warehouses totalling 23,852 sqm (98% warehouse, 2% office) with 21 loading docks, 11-13 m clear height with 7Tm2 floor load

Built-to-suit asset enjoying excellent tenancy history, with strong retention potential given C-Log’s €11m investment for its automated equipment and installation

A net rental income equating to €45/sqm p.a., in line with the market Site cover 33% providing for scope for expansion

Strategy

Located in one of France’s fastest growing locations from a GDP perspective Excellent specification, divisible and suitable for multiple users Long term 12 year income supported by substantial tenant investments, heightened

tenant retention Accretive to SEREIT distribution; adding further diversification benefits (sector,

WAULT, building quality)


Asset management initiatives

Boulogne-Billancourt Office Paris,

France

• Agreed heads of terms with Alten for a new 10 year fixed term lease subject to a capex programme

• Advanced detail design, planning and financing• Potential to create c. 20% profit on cost whilst also strengthening

portfolio income and building quality

Saint Cloud Office Paris, France

• Secured two new leases over c. 3,500 sqm / 22% of total area at rents 8% above previous rent

City Sud Office Hamburg, Germany

• Secured new lease agreements with three tenants for c. 50% of the Hamburg vacant space; achieved at rents 13% above business plan and at an average WAULB and 10 years to final expiry

• Extended lease term for levels 2 and 3 (c. 25% of area) to 10 years • In discussions on a further two floors representing c. 25% of space

Metromar Retail Seville, Spain

• Completion of €800,000 scope of works to improve quality of centre • Opened leisure specialist, Urban Planet• Collective measures to enhance the centres defensive capabilities in

an increasingly competitive local market and challenging retail sector• Focus on leasing vacancy following recent H&M departure

Transactions IndustrialW‘house

Rennes, France

• Acquisition of two industrial warehouses leased on a 12 year fixed term; enhancing income security and sector diversification

Portfolio • Achieved green star GRESB rating across the portfolio

2018/19 asset managementFurther strengthening income profile

7

Source: Schroders, December 2019. 2018/19 is year end September 2019. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Asset managementSEREIT is due to deliver short, medium and long-term opportunities

8

Metromar – lease c. 3,000 sqm Hamburg – lease remaining City BKK vacancy

2019/20 2020/21 2022/232021/22

Potential to expand supermarket to part of H&M space at MetromarConclude fit-out of level 8 to expedite leasing of remaining vacant space in Hamburg

Stuttgart to benefit from improved infrastructure from the completion of ‘Stuttgarter 21’

Conclude planning approval, detail design, tender and financing for refurbishment of c. 7,000 sqm at Boulogne Billancourt

2026+

2025 expiry of initial term at Hornbach, Berlin - 4 hectare site with alternate use potentialGrand Paris Transport improvements St Cloud, Paris

St Cloud (Paris) – re-gearing / transport Berlin – 4 hectares in growth corridorSource: Schroders, December 2019. Forecast risk warning: Please see the information slide at the end of this presentation.

Potential profit from the completion of refurbishment at Boulogne Billancourt

Asset managementParis B.B lease re-gear and refurbishment

9 Source: Schroders, December 2019. 1Subject to planning approval.

2. “Winning city”Increased exposure to Paris, a city forecast to be an upper quartile growth performer

1. Profitable– Potential forecast value on

completion €75–80m– Profit of c.€12–15m resulting in a c.

20% profit on cost

4. Income growth & quality– 10 year lease to a strong public

covenant– Adding €1m in headline rental income– Increase portfolio WAULT from c. 5

years to >6 years

3. Building quality – Opportunity to take a grade C asset

to Grade A – Investing c.€21m in an extensive

refurbishment1. Specification includes:

– lobby transformation/double height atrium

– new technical equipment– addition of floor space– increase floor to ceiling

heights – Improved environmental

certification – BREEAM certification forecast ‘very good’

5. LiquidityEnhanced ‘core’ profile

improves the disposal appeal to institutional investors

6. FinancePre-let, value enhancing profile

provides opportunity to consider optimal financing structure for capital

investment required

7. GrowthOpportunity to implement asset management initiatives that can

grow the portfolio

7. Growth 1. Profitable

2. Winning city

3. Building quality

4. Income growth profile

5. Liquidity

6. Finance

Portfolio overviewThirteen institutional grade assets located in target growth markets

10 Schroders, December 2019. Data per 30/09/2019

43%

30%

17%

10%

France Germany

Netherlands Spain

47%

25%

20%

8%

Office Retail

Industrial Mixed

Country allocation

Sector allocation

Rent Contr.

ERV NIYVacan-

cyWault Break

Wault Expiry

€m% of total

€m €m % % yrs yrs

Mar 16 Paris (B-B) France Office 41.6 17% 4 2.5 2.9 5.5% 1.6 1.6Feb 17 Paris (SC) France Office 37.9 16% 12 3.1 3.5 5.9% 15% 1.9 5.5Mar 19 Rennes France Industrial 17.6 7% 1 1.1 1.1 5.7% 11.4 11.4Aug 18 Rumilly France Industrial 8.7 4% 1 0.7 0.6 7.3% 5.6 6.6

France subtotal 105.8 43% 18 7.4 8.1 5.8% 7% 3.6 5.2Mar 16 Berlin Germany Retail 26.9 11% 1 1.6 1.7 5.4% 6.3 6.3Apr 16 Stuttgart Germany Office 17.2 7% 4 0.8 0.8 4.1% 0% 5.8 6.1Apr 16 Hamburg Germany Office 16.7 7% 13 0.6 0.9 2.1% 37% 7.6 7.6Apr 16 Frankfurt Germany Retail 11.5 5% 6 0.7 0.7 5.0% 5.6 5.6

Germany subtotal 72.3 30% 24 3.7 4.2 4.3% 8% 6.3 6.3Feb 18 Apeldoorn Netherlands Mixed 20.0 8% 1 2.5 2.0 11.5% 7.3 7.3Sep 18 Venray Netherlands Industrial 10.3 4% 1 0.7 0.6 5.7% 9.0 9.0Aug 18 Houten Netherlands Industrial 7.8 3% 1 0.6 0.6 6.7% 6.8 6.8Sep 18 Utrecht Netherlands Industrial 3.1 1% 3 0.3 0.2 7.5% 7.3 7.3

Netherlands subtotal 41.2 17% 6 4.0 3.4 8.8% 7.5 7.5May 17 Seville Spain Retail 23.5 10% 48 2.0 2.1 4.7% 9% 3.5 8.7

Spain subtotal 23.5 10% 48 2.0 2.1 4.7% 9% 3.5 8.7Total Portfolio 242.7 100% 96 17.1 17.9 5.8% 6% 5.0 6.4

Value

TenantsCompl.

DateProperty Country Sector

Management of breaks and lease expiriesAsset business plans being executed

11

Lease expiry to earliest termination

Schroders, December 2019. Data per 30/09/2019

Portfolio Wault (re-gear)

WAULB increase from 5 yrs to over 6 yrs

Markets

0.0

0.5

1.0

1.5

2.0

2.5

Osl

oN

orw

ay

Stoc

khol

mM

alm

oG

othe

nbur

gSw

eden

Cope

nhag

enD

enm

ark

Toul

ouse

Renn

esLy

onBo

rdea

uxM

arse

ille

Gre

ater

Par

isLi

lleFr

ance

Mal

aga

Mad

ridVa

lenc

iaSe

ville

Barc

elon

aSp

ain

Amst

erda

mU

trec

htRo

tter

dam

Apel

door

nN

ethe

rland

s

Berli

nM

unic

hH

ambu

rgCo

logn

eFr

ankf

urt

Stut

tgar

tD

usse

ldor

fG

erm

any

Tam

pere

Hel

sink

iFi

nlan

d

Brus

sels

Belg

ium

Mila

nRo

me

Ital

y

Focus on growth – cities not countriesTarget cities and regions forecast to enjoy faster economic growth

Source: Oxford Economics, Schroders. October 2019The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please refer to Important Information regarding forecasts. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Average GDP Growth 2019-2023, % pa

Hatched refers to the location of some of the SEREIT investments

SEREIT’s Investment universe SEREIT’s portfolio vs. Investment universe

Exposure to higher GDP growth, winning centresSEREIT portfolio located in highest growth regions of Western Europe

14

Source: Oxford Economics, Schroders. September 2019 - Total of 13 assets and exposure calculated on investment size. Investment universe consisting of 851 NUTS3 regions in countries shown on map. Data based on Oxford Economics’ annual GDP growth forecasts 2019–end 2023. Forecasts should be regarded as illustrative of trends. Actual figures will differ from forecasts. See ‘Important information’ regarding forecasts

Outer ring shows SEREITs direct exposure as a % of value

49%

26%

21%

4%

81%

19%

Fastest Growing RegionsSecond QuartileThird QuartileSlowest Growing Regions

Inner ring shows

average for investment

universeHamburg

Paris

Seville

FrankfurtStuttgart

Berlin

Rumilly

Rennes

Utrecht

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Germany France Italy

Netherlands Sweden

6065707580859095

100105110115120

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Jan-

17

Jan-

18

Jan-

19EU28 Eurozone

European macro backdrop Market fundamentals remain supportive

15

Source: European Commission, Oxford Economics, JLL, PMA, Schroders. October 2019. Note forecasts should be regarded as illustrative of trends. Actual figures will differ from forecasts. See Important Information regarding forecasts. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

100 = long-term average

Economic Sentiment in the EU & Eurozone

ILO-Unemployment rates (%)

Take-up, 12m rolling Totals, ‘000 sq m

Office completions & net additions

Growth is slowing over a

number of global headwinds,

but remains positive

Economic sentiment is at long-

term trend average but remains

positive for services and

consumers

Unemployment falling further –

strong growth in office

employment, increasing

consumer spending

Supply level increasing, but

moderate, with in some cases

extremely low vacancy

Ongoing positive rental growth

forecasts

No threat from extreme levels

of debt

Yields low – but rational as

interest rates will remain lower

for longer

Forecast

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,00011,00012,000

Sweden

Iberia

BeNeLux

Italy

UK and Ireland

France

Germany

Financial review

Financial highlights for 12 months to 30 Sept 2019

17

NAV Total Return 4.1% – NAV of €182.1 (€1.362 p.s.), reflecting no change versus 30 Sept 2018 – Excluding one-off tax restructuring costs, the NAV total return is 5.2%

EPRA earnings of €10.5m (7.9 cents per share)– Annual net rental income increased vs previous period

Total dividends declared of 7.4 cents p.s., in-line with target dividend of 5.5% yield on Euro IPO issue price– Dividend fully covered from net income (107%)

IFRS profit after tax of €7.4m– Positive overall valuation uplift, but lower growth than FY 2018 mainly reflecting retail sector headwinds

Overall LTV of c.30%, at a weighted average interest rate of 1.4% and a weighted duration of c. 5 years

Past performance is not a guide to future performance and may not be repeated. Source: Schroders, December 2019.

Asset management positioning the portfolio for growth

NAV movement for 12 months to 30 Sept 20194.1% NAV total return

18

Source: Schroders and www.xe.com. Numbers based on proportionally consolidated basis and therefore represent SEREITs share of joint ventures.

€m cps CommentsNAV as at 1 October 2018 182.1 136.2

Transaction costs of investments (1.0) (0.7) Acquisition of Rennes logistics property

Capital expenditure (2.5) (1.9) Mainly internal upgrading and refurbishment in Seville(€0.9m), Hamburg (€0.5m) and Paris (Saint-Cloud) (€0.5m)

Unrealised gain in valuation of the real estate portfolio 3.5 2.6

Main uplifts were Paris Saint-Cloud, reflecting leasing activityand also the German assets and logistics assets, whichbenefitted from ERV growth and yield compression.

Seville declined by (€2.5m), reflecting the weak retail sectorand reduction in income from rental discounts and voids.

EPRA earnings 10.5 7.9 Includes €1.26m in respect of Hamburg surrender

Restructuring taxes (2.0) (1.5) Tax charges for corporate restructure following tax changesin Europe and review of structure

Non-cash/capital items (1.1) (0.8) Deferred tax (€0.8m), change in fair value of interest ratecaps etc

Dividends paid (7.4) (5.6) Four dividends in respect of the year total €9.9m. Three werepaid during the FY, with the fourth paid post year end

NAV as at 30 September 2019 182.1 136.2 Post payment of fourth dividend after year end, NAV wouldbe €179.6m (134.3cps)

http://www.xe.com/

Summary income statement Acquisitions and asset management contributed to performance

19 Source: Schroders. December 2019. Numbers based on proportionally consolidated basis and therefore represent SEREIT’s share of joint ventures. For illustrative purposes only and should not be viewed as a recommendation to buy or sell. Past performance is not a guide to future performance and may not be repeated.

Net Income Summary

(€m)

Financial year 2019 Financial year 2018

Net rental and related income 15.2 14.1

Surrender Premium 1.5 2.4

Total Fees and Expenses (4.0) (3.7)

Net finance costs (1.2) (1.1)

Tax (1.0) (0.9)

EPRA earnings 10.5 10.8

€14.1m€0.5m

€2.7m -€2.0m

-€0.2m -€0.2m €0.3m

€15.2m

14

15

16

17

18

2018 Net rent &related income

2019 acquisitions 2018 acquisitions: Fullyear

2018 sales Hamburg - net rent &surrender

Seville - rent reduction Rental growth -existing assets

2019 net rental &related income

Waterfall of 2019 net rental income

Dividend yield of c.5.5% against NAVAsset management supporting long term dividend strategy

20

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.Source: Schroders, December 2019. 1Yield based on the Euro equivalent of the issue price as at admission. This is a target only and there can be no guarantee that this target will be met.

Dividends in respect of the year total 7.4 Euro cents per share – Dividend target met - represents annualised Euro dividend yield of 5.5% on Euro equivalent IPO issue price1

– Four dividends declared in respect of the year, with three dividends paid during the year and fourth dividend paid post year end

Dividends 107% covered from net income from portfolio – Includes the impact of receipt of €1.5 million in respect of final part of Hamburg surrender premium, which

covers the void at Hamburg whilst re-leasing is completed

Asset management (e.g. Paris BB refurbishment and lease regear) will improve long-term income profile, but reduce short-term dividend cover

– Paris BB lease regear addresses largest potential portfolio void – formal pre-let signed with Alten Group (post period end) for a new 10 year lease at a rent of €3.4m p.a., compared to current rent of €2.4m p.a. on a lease that was due to expire in March 2021

– Dividend cover reduced during refurbishment and rent free periods - portfolio rental income reduced from Q1 2020 during c.18 month refurbishment period and 20 month rent free period

– Currently expect shortfall to be covered from capital - in implementing dividend strategy, Board will consider both short-term cash generation and longer term sustainable rental income

Paris BB Lease Regear and RefurbishmentCapital profit and rental increase

Source: Schroders, December 2019. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.21

Estimated Completed Value c.€75 - €80mCurrent Value €41.6m

c.15% - 20% profit on cost

+€1m p.a. increase in headline rent

Capex of c. €21m• Comprehensive

refurbishment and addition of space

New 10 year lease• Increased rent by €1m

p.a. to €3.4m p.a.• 20 months rent free

(€5.7m)

Funding – Refurbishment works and dividend shortfall during works and rent free period likely to be fully / majority

funded via debt– Main loan will be secured against Paris BB asset (currently ungeared)– Good initial interest from banks to provide debt finance; margin indications 1.4% - 2% p.a.– Likely to take overall company gearing to c.35% LTV– Keep under review opportunities to raise equity to partially fund capex and reduce gearing

Loans summary

Debt financingCurrent borrowing rates accretive to income returns

22 1. LTV based on net LTV vs GAV of overall company. Source: Schroders, December 2019. Not a recommendation to buy or sell.

33%

46%

21%

2023 2024 2026

Loans by maturity (incl. loans completed post 30 Sep 2019)

Loan Loan Amount LTV Maturity Interest

Rate

Hamburg/Stuttgart €14.0m 49% June 2023 0.85%

Frankfurt / Berlin €16.5m 43% June 2026 1.31%

Dutch Logistics €9.25m 44% Sept 2023 2.15%

Seville €11.7m 50% May 2024 1.76%

St. Cloud €13.0m 34% Dec 2024 1.30%

Rennes €8.4m 49% Mar 2024 1.40%

Total as at 30 Sept €73.0m 29%1 4.9 Years 1.42%

Loans completed post 30 Sept 2019

St.Cloud Loan Increase €4.0m 45% Dec 2024 1.45%

Rumilly €3.7m 43% Apr 2023 1.30%

Total inc post 30 Sept loans €80.7m 31% 4.9 Years 1.41%

Lender Saar LB

Loan €8.4m

Interest Rate

1.40%

Maturity 5 Years

New Loans in 2019

– Gearing targeted against individual assets or groups of assets in order to optimise borrowing strategy – 11 of the 13 assets are geared; Paris BB office and the Apeldoorn office are currently ungeared– In discussions with banks regarding debt facility for Paris BB project; will take LTV to c.35% – 100% of interest rate exposure either fixed or capped

Summary and outlook

– High quality c. €242.7m1 portfolio located in growth cities and regions across France, Germany, Netherlands and Spain

– Strong income profile with 94% occupancy and long term leases / attractive WAULT

– Investment and asset management activities positioning the Company for growth

– Annualised Euro dividend yield c.5.5% p.a. based on current share price

– Low cost, long duration debt financing at c. 30% LTV1 – accretive to income return

– Eurozone economic backdrop relatively stable; low unemployment

– Investor and occupier activity in target markets remains strong; potential for rental growth

– Megatrends (e.g. urbanisation, infrastructure investment) support long-term focus on growth cities

– Pursuing major asset management initiatives to deliver outperformance and support growth ambitions

– Ambition to grow portfolio via new acquisitions in 2020

The Company investing in European growth citiesDelivering investment performance; well positioned for future growth

24 Source: Schroders, December 2019. 1 Data per 30/09/2019.

Appendix 1 – Financial information

Statement of comprehensive income

Source: Schroders as at September 2019

Period 12 months to 30 Sept 2019 (€m)

12 months to 30 Sept 2018 (€m)

Rental income 18.7 19.9Other income (surrender premium) 1.5 2.4Property operating expenses (4.8) (6.5)Net rental and related income 15.4 15.8Net valuation profit on investment property 3.5 4.9Net change in fair value of financial instruments (0.3) (0.2)Dividends received 0.1 0.2Expenses (3.9) (3.5)Finance costs – net interest payments (0.5) (0.5)Share of profit / (loss) on joint venture (3.4) 0.4Profit before tax 10.9 17.1Taxation (3.5) (1.5)Profit after tax 7.4 15.6Attributable to owners 7.4 13.2Non-controlling interests - 2.4

26

Earnings excluding property revaluations, gains on disposals, deferred tax, derivative adjustments, and minority interests

Underlying EPRA earnings


Period 12 months to 30 Sept 2019 (€m)

12 months to 30 Sept 2018 (€m)

Profit after tax 7.4 15.6

Excluding:

Withholding tax on profit on disposal - 0.3

Net valuation profit on investment property (3.5) (4.9)

Share of Joint Venture loss / (gain) on investment property 3.7 -

Deferred tax 0.6 0.4

Restructuring taxes 2.0 -

Adjustment for Minority Interests net revenue - (0.8)

Finance costs – interest rate cap 0.3 0.2

EPRA earnings 10.5 10.8

Weighted average number of shares 133,734,686 133,734,686

Underlying EPRA earnings per share (euro cents) 7.9 8.1

27

Summary balance sheet

28

Source: Schroders. For illustrative purposes only and should not be viewed as a recommendation to buy or sell. Numbers based on proportionally consolidated basis and therefore represent SEREITs share of joint ventures.

1 Cash as at 30 September 2018 includes HSBC loan proceeds, which are classified as receivables in the financial accounts as the money was in transit.2 FX rate of £1 : €1.13 as at 30 September 2019 (FX Rate: 30 Sept 2018 £ : €1.12) Source: www.bloomberg.com/markets/currencies/cross-rates.3 Portfolio asset value €242.7M less €0.5M tenant incentives

As at 30 Sept 2019 (€m) As at 30 Sept 2018 (€m)Investment properties 242.23 221.6Cash 1 15.9 26.9External third-party loans (73.0) (64.4)Net current liabilities (3.0) (2.0)NAV 182.1 182.1NAV per share €/£ 2 €1.362/£1.21 €1.362/£1.21

– St. Cloud loan increase post period end of €4m (taking total St.Cloud loan to

€17m) and new loan for Rumilly property of €3.7m, takes total third party

debt to €80.7m post period end

New debt post period end

Simple balance sheet with low leverage

http://www.bloomberg.com/markets/currencies/cross-rates

Schroder European Real Estate Investment Trust PlcDiscrete yearly performance

29

Q3 2018–Q3 2019

Q3 2017–Q3 2018

Q3 2016–Q3 2017

Q3 2015–Q3 20164

Q3 2014–Q3 20154

Share Price Total Return (GBP)¹ +3.3 +9.5 -8.5 - -

NAV Total Return (Euro) ² +4.1 +7.5 +6.0 - -

NAV Total Return (converted to GBP) ³ +3.4 +8.9 +7.8 - -

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.

¹ Source: Schroders, Datastream, bid to bid price with net income reinvested in GBP.² Source: Schroders, NAV to NAV (per share) plus dividends paid.³ Source: Schroders, NAV to NAV (per share) plus dividends paid. Converted into GBP.4Performance data does not exist for periods before launch in December 2015.

Risk Factors: – The trust may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in

large changes in the value of the fund, both up or down, which may adversely impact the performance of the fund.– The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the assets

purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so. – The trust can be exposed to different currencies. Changes in foreign exchange rates could create losses.– The dividend yield is an estimate and is not guaranteed.


Appendix 2 – Market slides

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Germany France Italy Netherlands SwedenSource: PMA, Schroders. October 2019 Source: Oxford Economics, Schroders. September 2019The forecast should be regarded as illustrative of trends. Actual figures will differ from forecasts. Please see the information slide at the end of this presentation. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Labour markets continue to recoverUnemployment falling – strong growth in office employment

0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0%

RomeLondon: City

EdinburghBirminghamManchester

MilanHelsinki

RotterdamBarcelona

GlasgowDusseldorf

StuttgartParis

BrusselsLille

LisbonVienna

MarseilleMunich

HamburgFrankfurt

AmsterdamCopenhagen

MadridCologne

London: WEBerlin

OsloLyon

DublinStockholm

Luxembourg

Office employment: Forecast growth in absolute employment between end-2018 to end-2023

ILO-Unemployment rates (%)

European occupier activity remains highBroad based occupier demand

Source: JLL, Schroders. October 2019. Country figures based on major markets. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Sweden

Iberia

BeNeLux

Italy

UK and Ireland

France

Germany

Take-up, 12m tolling Totals, ‘000 sq m

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0

1

2

3

4

5

6

7

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Germany France Italy Spain Benelux Nordic Net Additions (lhs)

Office development increases from low levelsBuilding activity and low vacancy supportive of rental growth

Source: PMA, Schroders. October 2019. Net-Additions for Europe ex. UK . Country figures based on major markets. Note forecasts should be regarded as illustrative of trends. Actual figures will differ from forecasts. See Important Information regarding forecasts. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Office completions, million square metres

Forecast

Net-Additions (% of Stock)

33

Office vacancy is at historic low in a number of marketsModern Grade A space often extremely scarce

34

Source: JLL, Schroders. October 2019. For illustrative purposes only and should not be viewed as a recommendation to buy or sell *Paris CBD & Paris LDF Vacancy in newly completed stock

%

0

2

4

6

8

10

12

Rott

erda

mM

adrid

Utr

echt

Brus

sels

Birm

ingh

amD

ublin

Dus

seld

orf

Fran

kfur

t/M

The

Hag

ueM

anch

este

rPa

ris L

DF*

Barc

elon

aG

lasg

owAm

ster

dam

Lond

on C

ityLo

ndon

WE

Luxe

mbo

urg

Ham

burg

Edin

burg

hM

unic

hBe

rlin

Paris

CBD

*

Vacancy Rate Grade A Vacancy Rate

Office Vacancy Rates Q3’19 compared to 10Y High/Low Office Vacancy Rates Q2’19 – Overall market & Grade A

0

2

4

6

8

10

12

14

16

18

20

Berli

nEd

inbu

rgh

Mun

ich

Ham

burg

Luxe

mbo

urg

Amst

erda

mLo

ndon

WE

Lyon

Lond

on C

ityBa

rcel

ona

Paris

Lisb

onM

anch

este

rRo

me

The

Hag

ueD

usse

ldor

fFr

ankf

urt

Stoc

khol

mBi

rmin

gham

Brus

sels

Utr

echt

Mad

ridH

elsi

nki

Rott

erda

m

Mila

n

Peak last 10Y Trough last 10Y Q3'19

Appendix 3 – Portfolio information

Tenant overviewOver 90 tenants and weighted average lease term of 6.4 years

36 Schroders, December 2019. Data per 30/09/2019

1 KPN Apeldoorn 2.5 14.6% 7.3 7.32 Alten Paris (B-B) 2.4 14.1% 1.5 1.53 Hornbach Berlin 1.6 9.4% 6.3 6.34 C-log Rennes 1.1 6.3% 11.4 11.45 Filassistance Paris (SC) 0.9 5.0% 2.3 7.36 Cereal Partners Rumilly 0.7 4.0% 5.6 6.67 DKL Venray 0.7 3.9% 9.0 9.08 LandBW Stuttgart 0.7 3.8% 6.4 6.89 Inventum Houten 0.6 3.5% 6.7 6.710 Ethypharm Paris (SC) 0.6 3.2% 1.7 7.3

11.6 67.8% 5.6 6.3Remaining tenants 5.5 32.2% 3.9 6.5

17.1 100.0% 5.0 6.4Total

Total top ten tenants

Rent(€m)

PropertyTenant#% of Total Portfolio

Wault Brk(yrs)

Wault Exp (yrs)

SEREIT portfolioParis office investment – Boulogne Billancourt

37

Source: Schroders, December 2019. Maps – http://maps.stamen.com. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Opportunity Fully let office building with reversion potential

Location Jean Jaurès 221, 92100 Boulogne Billancourt (Paris), France

Tenure Freehold – co-ownership

AssetDescription

Established market in Paris’ Western Crescent Good location within Boulogne-Billancourt Metro line 9 and Paris ring road nearby Built in 1989, flexible T-shaped floor plates (ca. 800 sqm) 100%-let to ALTEN, a technology consulting and engineering

company until 31 March 2021

WAULT 1.6 years (from 1/10/2019) and 1.6 years to break

Purchase Price €37.5m / NIY 5.7% / €5,522 psm

Current Value €41.6m as at 30 September 2019

Investment Rationale

Medium duration lease term with a strong covenant tenant present in the building since 1998 – provides time to consider refurbishment

Conservative rent level (€312 / ‘office’ sqm/pa) offering a good alternative to La Défense in a more attractive environment

Area where people live and work; supply constrained Boulogne-Billancourt is an established market (1.2m sqm of office

stock, the second largest market in the Western Crescent) with average take-up over 100,000 sqm/pa

Potential to create value and significant reversion potential (c.30%) by redeveloping the property at lease expiry

http://maps.stamen.com/

SEREIT portfolioParis office investment - Saint Cloud

38


Opportunity Best premises in a large office complex at an extremely attractive price

Location Saint-Cloud, an upscale suburban city bordering Paris

Tenure / Built Freehold in a co-ownership / Built in the 1970s, well maintained since

Asset Description Ca. 15,800 sqm of office and storage areas located in ‘Les Bureaux de la Colline’, a well maintained 65,000-sqm office complex;

Entire building E and the four highest floors in building D i.e. the best premises in the complex: located near the main entrance with the best views of Paris and over Parc de Saint-Cloud;

Office area 100% let to 12 tenants with very high historical occupancy ratio (> 90%) at a defensive average rent of €215/sqm/year, but with high service charges;

Office floor areas range from 700 to 1,500 sqm; Very good accessibility to the property by car (A13 in front of the

building) and good accessibility using public transport (tramway, metro and bus stations nearby). Premises includes 303 car spaces


Purchase Price €30m i.e. €1,959/sqm and 9.5% NIY



Acquisition at a discount to conservative estimate of intrinsic / long term value given special situation (sale before year end)

5 largest tenants of good covenant account for 70%+ of rental income; Largest shareholding stake in the co-ownership by far (22.4%) Immediate area to benefit from Line 15 train expansion in 2028

Paris


SEREIT portfolioRennes logistics investment

39Source: Schroders, December 2019. Maps – http://maps.stamen.com. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Opportunity Sale and leaseback investment regarding two logistics assets fully let on a long term basis to e-commerce specialist, C-Log, located near Rennes, east Brittany, one of the fastest growing regions in France

Location Located in Eastern Brittany, 60km from Rennes and 16km from Saint-Malo. The property is located at the junction of two major arterial routes and benefits from excellent sea, high speed rail and air connectivity

Tenure / Built Freehold – two separate warehouses constructed in 2003 and 2014

Asset Description Two separate and divisible warehouses totalling 23,852 sqm (98% warehouse, 2% office) with 21 loading docks, 11-13 m clear height with 7Tm2 floor load

Built-to-suit asset enjoying excellent tenancy history, with strong retention potential given C-Log’s €11m investment for its automated equipment and installation

A net rental income equating to €45/sqm p.a., in line with the market Site cover 33% provides scope for expansion


Purchase Price €17.3m/5.9% NIY and €725/sqm



Located in one of France’s fastest growing locations from a GDP perspective

Excellent specification, divisible and suitable for multiple users Long term 12 year income supported by substantial tenant investments,

heightened tenant retention Accretive to SEREIT distribution; adding further diversification benefits

(sector, WAULT, building quality)

Rennes

St Malo


SEREIT portfolioRumilly logistics investment

40


Opportunity Opportunity to invest in a warehouse in Rumilly (French Alps), an area well-situated with close proximity to Lyon and Geneva

Location Logistics platform located in Rumilly (Haute-Savoie), close to Annecy in the French Alps. The asset is close to A41 towards Geneva, to A6 towards Paris and to A43 towards Lyon. Rumilly can be reached by the railway network and the highway network (Chambery airport, Lyon Airport and Geneva in less than one hour).

Tenure / Built Freehold – constructed in three stages: 1994, 2003 and 2010

Asset Description 16,700 sqm (97% warehouse, 3% office) with 22 loading docks, 14 truck and 28 car parking spaces

Built-to-suit asset enjoying excellent tenancy history, fully let to Cereal Partners France (Nestlé subsidiary) for the past 24 years with three extensions

A net rental income of €650k equating to €40/sqm p.a.


Purchase Price €8.5m / 7.0% NIY and €514/sqm



Scarcity in land plot, meaning strong interest for occupiers and distributors

Strong credit tenant (Nestlé subsidiary) with a WALB of ca. 6.5 years Long term hold with a favourable cash yield / Attractive NIY of 7.0% Accretive to SEREIT distribution profile and adds further diversification

benefits

Rumilly


SEREIT portfolioBerlin retail warehouse investment – Mariendorf

41 Source: Schroders, December 2019. Maps – http://maps.stamen.com. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Opportunity Long let retail warehouse in a growing Berlin sub-market

Location Großebeerenstraße 30, 12107 Berlin, Germany

Tenure Freehold

AssetDescription

DIY retail unit in Mariendorf, 10 km south of Berlin City Centre Asset comprises 3 parts: a DIY unit, a garden centre and a trade counter,

let to Hornbach, with a total lettable area of 16,800 sqm Urban location, surrounded by medium density residential and

commercial accommodation. A separately owned Aldi supermarket adjoins the site; small potential residential site within ownership

Large site of over 4 hectares Let to Hornbach Baumarkt AG until 2026





Characteristics consistent with our house view of targeting institutional grade real estate in growth cities

Hornbach Baumarkt is the one of the strongest DIY operators in Germany; sector has witnessed some consolidation

Long income stream in defensive segment at an attractive cash yield Land value is relatively high (c. 20-30% of value) underpinning residual

value Potential for residential conversion in the long run Small residential site at the rear; opportunity to redevelop


SEREIT portfolioStuttgart office investment

42


Opportunity Fully let, core office investment anchored by Government tenant

Location Neckarstrasse 121, 70190 Stuttgart, Germany

Tenure Freehold

Asset Description Core office investment centrally located in Stuttgart, the political, economic and cultural centre of Baden-Württemberg, Germany’s third largest state by population

Strong micro location close to central station and Schlossgarten park. The sub-market has a range of government occupiers including various courts of justice and ministries

Originally constructed in 1960 and comprehensively refurbished in 2005 with a total lettable area of 5,832 sqm and parking for 71 cars

Efficient floor plate of c. 750 sqm, divisible in two for either cellular or open-plan offices. Good specification.

Currently 100% occupied with the main tenant being the Federal State of Baden-Württemberg (81%) with a lease expiry in July 2026





Characteristics consistent with our house view of targeting institutional grade real estate in growth cities

Stuttgart is one of Germany’s top 7 office markets; very low vacancy Excellent covenant strength providing long term, secure cash yield Highly liquid lot size that appeals to both institutional and private

investors


SEREIT portfolioHamburg office investment

43


Opportunity Fully let, multi tenanted office property on the edge Hamburg CBD

Location Hammerbrookstraße 94, 20097 Hamburg, Germany

Tenure Freehold

AssetDescription

Core office investment in Hamburg’s Centre South office sub-market. This area continues to improve through new retail, residential and office development; mixed use location

Good micro location, alongside public transport and main arterial roads. Hammerbrook S-Bahn station (lines S3 & S31) located within 250m, one stop to central station

Varied office sub-market, catering for private and public sector occupiers. Increasingly become a back office location; rents at 50% discount to CBD

Modern asset built in 2005. Ground floor retail with strong convenience offer with office space above





Sub market is improving and increasingly becoming a place where people want to live and work

Highly liquid lot size that appeals to both institutional and private investors

High yielding investment with favourable unexpired lease term and an acquisition price in line with replacement cost

Opportunity to re-gear head lease with BKK


SEREIT portfolioFrankfurt retail investment

44


Opportunity Multi let convenience retail centre anchored by Lidl supermarket, located in a growing urban area of Frankfurt am Main

Location Lorscher Straße 41, 60489 Frankfurt/Rödelheim, Germany

Tenure Freehold

AssetDescription

Fully let, multi tenanted convenience retail centre located in Rödelheim, a growing suburb of Frankfurt am Main with good transport connections and visibility to main highway

Built 2004 and modernised in 2015 to a high specification 4,525 sqm total rental space with more than 350 parking spaces.

1,600 sqm Lidl supermarket is considered to be the ideal size for new style convenience/small basket retailing

All retail units have dedicated, secure delivery areas Site area 8,097 sqm





Well located, high quality building, catering for demand for grocery/convenience stores from locals and commuters

Fully let with opportunity to change tenant mix and increase rental income over the medium term

Income underpinned by c.11 year unexpired lease term with main tenant Lidl

Plan to introduce drug store to improve footfall


SEREIT portfolioData centre / office investment, Netherlands

45 Source: Schroders, December 2019. Maps – http://maps.stamen.com. For illustrative purposes only and not a recommendation to buy or sell

Opportunity Opportunity to acquire a freehold office / data centre in Apeldoorn (NL), fully leased to KPN till Dec ‘26, the largest telecom/IT service provider in the Netherlands. Attractive yield and purchase price at a significant discount to replacement cost

Location Apeldoorn (pop. c. 160k) is located in the centre of the Netherlands with good infrastructure links to both the north/south (via the A-50) and the east/west (via the A-1). Amsterdam is within an hour drive. The city is an important ICT employment centres in the Netherlands, catering for over 6,500 jobs in the sector and growing

Tenure / Built Freehold – Constructed in stages between 1975-85. Renovated 2006, 2016

Asset Description 23,700sqm of GLA (56% office, 22% dataroom, 23% storage) across four floors + basement.

Site area of 35,731sqm with 495 on site parking spaces (1:48sqm) Strategic location for KPN – 1 of 10 locations for key data centres Average rent of €101/sqm – discount to Apeldoorn prime





Attractive inflation linked 9 year income stream, strong covenant Good location: central Netherlands and at the intersection of the A-1

and A-50, with strong alternate use potential Apeldoorn expected to be a beneficiary of the trend of the relocation

of back-office functions (particularly ITC) to secondary cities (rents currently stand at c. 30% of Amsterdam rents)

Apeldoorn

A-50

A-1


SEREIT portfolioVenray logistics investment

46


Opportunity Invest in a light industrial asset in one of the largest logistics regions of the Netherlands

Location Located in the north-west of the Limburg province, Venray (pop. 43.2k) forms part of the established Venlo-Venray logistics corridor. Good infrastructure links with 4 international airports within 65km and direct access to the A-73 motorway and the N-270 which connects the city both north/south and east/west respectively to Arnhem and Eindhoven. The city is therefore a strategic location for distribution activity nationally

Tenure / Built Freehold – 1999

Asset Description Site area of 22,450 sqm with 24 parking spaces and 15 loading docks 15,290 sqm (97% warehouse, 3% office) Building constructed in 1999 with clear height of 9.5 m DKL is a tenant specialising in road transportation and logistic services Average rent of €42.5/sqm





The Venray-Venlo region is regarded as the top logistics location in the Netherlands and top 5 in Europe

Strong industrial / logistics asset in a supply constrained location Adds further sector diversification to SEREIT Attractive inflation linked 10 year income stream

Venray


SEREIT portfolioHouten logistics investment

47


Opportunity An industrial investment located in an established mixed use area of Houten

Location Located in the de Meerpaal business park 2km south west of Houten and 13km south of Utrecht city centre. The area has good accessibility by car and public transport with close proximity to the A27 and A12 motorways. A bus stop is located 2 minutes walking distance from the property

Tenure / Built Freehold – 2010

Asset Description 9,149 sqm of GLA (80% warehouse, 20% office) Site area of 12,100 sqm with 120 parking spaces and 2 loading docks Modern building constructed in 2010 with clear height of 12m Strong tenant specialising in ventilation heat pumps, boiler systems and

water heater appliances with 110+ year history Average rent of €63/sqm in line with market





Strong industrial asset within de Meerpaal, the largest business park in Houten

Attractive inflation linked 8 year income stream, leased to a strong covenant

UtrechtHouten


SEREIT portfolioUtrecht logistics investment

48


Opportunity Opportunity to acquire a light industrial asset fully let to three tenants in a popular business park within the Utrecht region

Location Located in de Wetering, which is 7.5km north-west of Utrecht city centre and 5 minutes by car from the A-2, motorway. The region neighbours the new and growing Leidsche Rijn residential district. The asset is 6 minutes walking distance to the bus stop which offers a 16 minute journey to Utrecht central station

Tenure / Built Perpetual leasehold – 2001

Asset Description Total lettable area of 2,492 sqm split between 37% warehouse, 39% office and 24% other including studio and research areas

30 parking spaces and 1 loading dock Multi tenanted with 3 tenants including lighting, audio and security

specialists with operations across the Netherlands and internationally Average rent of €103/sqm


Purchase Price €3.1m / 7.3% NIY and €1,244/sqm



Strong industrial asset with attractive tenant profiles and covenant terms Good location: central Netherlands and close to the intersection of the A-

2 and A-21 connecting the region to the rest of the country Provides modern and functional accommodation Given the small size of the transaction, asset liquidity is an additional

strength

Utrecht


Opportunity Spanish recovery play via the acquisition of a urban shopping centre located in one of the fastest growing and most affluent suburbs of Seville, Spain’s fourth largest city

Location Located in the south western Seville suburb of Mairena del Aljarafe. The centre benefits from easy car access and is well serviced by public transport with frontage to the only line that services this part of Seville with the city centre, making the area a key growth corridor

Tenure / Built Freehold. Constructed in 2006 and acquired by UBS for €104m in 2007

Asset Description Urban shopping centre totalling c. 23,000 sqm servicing a catchment of 250,000 people within 15 minutes

Strong tenant mix centred on grocery, fashion (50%) and leisure. Recognised as the fashion destination for its catchment and surrounding towns. Key brands include Mercadona, Zara, Mango, Bershka and Pull & Bear

Strong like for like sales growth; +8% in 2015 and +4% in 2016 and a annual footfall of c. 4 million. Reasonable rent/TO ratios

Good income diversification with over 50 occupiers 2,787 sqm of vacancy providing for upside potential


Purchase Price €25.5m and 6.2% NIY (50% interest)



Spain is in its early stages of recovery. Retail is expected to be a key beneficiary of improved economic and consumer sentiment

Established and dominant centre within its local trade area offering scope for income growth potential

SEREIT portfolioMetromar shopping centre, Seville

49 Source: Schroders, December 2019. Maps – http://maps.stamen.com. For illustrative purposes only and should not be viewed as a recommendation to buy or sell.

Central Seville


Important information

50

For professional investors or advisers only. This material is not suitable for retail clients. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Schroders has expressed its own views and these may change. The data contained in this document has been sourced by Schroders and should be independently verified before further publication or use. This presentation is intended to be for information purposes only. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The information provided is not intended to constitute investment advice, an investment recommendation or investment research and does not take into account specific circumstances of any recipient. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Information herein is believed to be reliable but Schroder Unit Trusts Limited (Schroders) does not warrant its completeness or accuracy. No responsibility can be accepted for error of fact or opinion. Reliance should not be placed on the views and information in the document when taking individual investment and/or strategic decisions.Risk factors: The forecasts included in this document should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change. We accept no responsibility for any errors of fact or opinion and assume no obligation to provide you with any changes to our assumptions or forecasts. Forecasts and assumptions may be affected by external economic or other factors.The trust may be concentrated in a limited number of geographical regions, industry sectors, markets and/or individual positions. This may result in large changes in the value of the fund, both up or down, which may adversely impact the performance of the fund.The Company may borrow money to invest in further investments, this is known as gearing. Gearing will increase returns if the value of the assets purchased increase in value by more than the cost of borrowing, or reduce returns if they fail to do so. The trust can be exposed to different currencies. Changes in foreign exchange rates could create losses.The dividend yield is an estimate and is not guaranteed.

Any references to securities, sectors, regions and/or countries are for illustrative purposes only. Schroders will be a data controller in respect of your personal data. For information on how Schroders might process your personal data, please view our Privacy Policy available atwww.schroders.com/en/privacy-policy or on request should you not have access to this webpage. For your security, communications may be recorded or monitored.

Issued in December 2019 by Schroder Unit Trusts Limited, 1 London Wall Place, London EC2Y 5AU. Registered No: 4191730 England. Authorised and regulated by the Financial Conduct Authority.

http://www.schroders.com/en/privacy-policy

ContactSchroder Investment Management Limited,

1 London Wall, London EC2Y 5AU.

schroders.com

Documents

Schroder European Real Estate Investment Trust · Investment Finance European markets Growth strategy •€242.7m1 portfolio in growth ... Senior team overseeing real estate platform