Schroder European Real Estate Investment Trust PLC - London and Johannesburg-listed property investor - Says the direct property portfolio is independently valued at €210.2 million in the first quarter that ended December 31, down 1.8% on a like-for-like basis. Says this is due to continued outward yield movement, particularly for offices and select industrial properties. The portfolio office witnessed a valuation decline of 2.5%, while the portfolio industrial saw a valuation decline of 1.2%.

Schroder European Real Estate says it remains well positioned, with significant cash reserves, and continues to review select sustainability-led capital expenditure initiatives in the portfolio, which should optimise earnings growth and asset liquidity.

Current stock price in Johannesburg: R 16.00

12-month change: down 11%

Stock price in London: 67.40 pence

12-month change: down 19%

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