Schroder Real Estate Investment Trust (SREI) investor relations material

Portfolio and leasing

• Enlarged portfolio valued at £859m, comprising 54 assets and ~450 tenants; annualised rent £51m versus ERV of £73m.

• Since 5 Aug 2026, nine vacant-unit lettings added £1.2m annual rent, 11% ahead of 30 Jun 2026 ERV; agreed terms on 62,500 sq ft could add £1.1m, subject to completion.

• Further agreed terms cover 27,000 sq ft of industrial space for £395,000 annual rent, 15,500 sq ft of retail warehouse space for £140,000, and 20,000 sq ft of office space for £547,000, each subject to completion.

Key transactions

• DPD leased 47,944 sq ft at Union Park Industrial Estate for £407,950 p.a. (£8.51/sq ft), 15% ahead of ERV and 59% above pre-refurbishment rent; £1.1m refurbishment raised EPC rating to A from C/D.

• The Gym Group completed a 15-year lease without breaks at Churchill Way West, Salisbury, for £155,000 p.a., in line with ERV; five-yearly CPI-linked reviews have a 1% floor and 3% cap.

• Matalan renewed at 103 Watling Street, Bletchley, on a 15-year lease without breaks at £529,550 p.a., in line with ERV; Tesco completed a 15-year lease without breaks at Headingley Central, Leeds, for £115,000 p.a., also in line with ERV.

• The Sim Club Northampton Limited leased all of Peterbridge House for 10 years without breaks at £220,000 p.a., 21% above the previous passing rent, with a fifth-year CPI-linked review.

Outlook

• A fuller update on the Picton portfolio acquisition, portfolio activity and future strategy is scheduled with Half Year results on 26 Nov 2026.

• Fund Manager Peter Lowe cited encouraging occupier demand across the combined portfolio, cost-synergy focus, efforts to reduce vacancy and capital recycling to enhance shareholder returns.