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12 June 2018
SECOND INTERIM DIVIDEND
Schroder European Real Estate Investment Trust plc (the "Company") announces its second interim dividend in respect of the year ended 30 September 2018 of 1.85 euro cents per share.
The dividend is approximately 100% covered from recurring income from the portfolio. This excludes the impact of the receipt of €2.4m in respect of the first payment for the Hamburg lease surrender. Including the Hamburg surrender premium receipt the dividend cover is 172%.
The declared dividend represents an annualised rate of 5.5% based on the euro equivalent of the issue price at admission, fulfilling the target dividend stated at IPO. Based on the Euro: GBP exchange rate as at 31 March 2018, this equates to an annualised rate of 6.5% on the GBP issue price at IPO of 100 pence per share.
Total interim dividends declared to date relating to the year ending 30 September 2018 amount to 3.7 euro cents per share. This represents an increase of 68% over the same period in respect of the year ended 30 September 2017.
The interim dividend payment will be made on Friday, 20 July 2018 to shareholders on the register on the record date of Friday, 6 July 2018. In South Africa, the last day to trade will be Tuesday, 3 July 2018 and the ex-dividend date will be Wednesday, 4 July 2018. In the UK, the last day to trade will be Wednesday, 4 July 2018 and the ex-dividend date will be Thursday, 5 July 2018.
The interim dividend will be paid in sterling to shareholders on the UK register and rand to shareholders on the South African register. The exchange rate for determining the interim dividend paid in rand will be confirmed by way of an announcement on Monday, 18 June 2018. UK shareholders are able to make an election to receive dividends in euro. The form for applying for such election can be obtained from the Company's UK registrars (Equiniti Limited) and any such election must be received by the Company no later than Friday, 6 July. The exchange rate for determining the interim dividend paid in sterling will be confirmed following the election cut off date by way of an announcement on Monday, 9 July 2018.
Shares cannot be moved between the South African register and the UK register between Monday, 18 June 2018 and Friday, 6 July 2018, both days inclusive. Shares may not be dematerialised or rematerialised in South Africa between Wednesday, 4 July 2018 and Friday, 6 July 2018, both days inclusive.
The Company has a total of 133,734,686 shares in issue on the date of this announcement. The dividend will be distributed by the Company (UK tax registration number 21696 04839) and is regarded as a foreign dividend for shareholders on the South African register. In respect of South African shareholders, dividend tax will be withheld from the amount of the dividend noted above at the rate of 20% unless the shareholder qualifies for the exemption. Further dividend tax information for South African shareholders will be included in the exchange rate announcement to be made on Monday, 18 June 2018.
Duncan Owen/Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Schroder Investment Management Limited Tel: 020 7658 2371
Dido Laurimore / Ellie Sweeney / Richard Gotla
FTI Consulting Tel: 020 3727 1000
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