TIDMSREI

RNS Number : 0598U

Schroder Real Estate Inv Trst Ld

21 November 2023

Proposed amendments to the Company's investment objective and policy, and the Investment Management Agreement

Schroder Real Estate Investment Trust Limited (the "Company") has today published a circular (the "Circular") proposing amendments to the Company's investment objective and policy, and to the Company's investment management agreement (the "Proposals").

The purpose of the proposed changes to the Company's investment objective and policy is to formally include sustainability at the centre of the Company's investment proposition, with a sustainability improvement and decarbonisation strategy focused on adapting existing buildings into those that are both modern and fit for purpose. This should also enable the Company to proactively respond to the UK's Net Zero Carbon objectives, whilst optimising portfolio performance to seek enhanced total returns for shareholders. The strategic evolution represents the culmination of views from the Board, the Company's investment manager, Schroder Real Estate Investment Management Limited (the "Manager") and advisors, as well as feedback from shareholders.

Accordingly, the Circular proposes amendments to the Company's investment objective and policy that reflect the strategy outlined above. As well as providing further details of the Proposals, the circular includes a notice of an extraordinary general meeting to be held at 10.00 am on 15 December 2023 at 1 London Wall Place, London, EC2Y 5AU (the "EGM") at which shareholders will be asked to vote on a resolution to approve the proposed changes to the Company's investment objective and policy (the "Resolution").

To align the Manager's compensation with the delivery of the specified sustainability objectives, the Board and the Manager have agreed to make certain amendments to the Manager's existing investment management agreement with the Company (the "IMA") - a 5 basis points increase or decrease in the management fee depending on sustainability and income related KPIs being achieved.

In recognition of the work undertaken by the Manager in the design and implementation of this formalisation of sustainability objectives, the Board has also agreed to amend the term of the IMA, to be terminated on not less than 12 months' notice, such notice not to expire prior to the second anniversary of the passing of the Resolution. The proposed IMA changes are disclosed in the Circular and are conditional on the passing of the Resolution. The Manager is a related party of the Company for the purpose of the Listing Rules. Based on the amounts involved, the changes to the IMA constitute a smaller related party transaction as set out in Listing Rule 11.1.10R.

The Manager will be presenting the strategic evolution to both new and prospective shareholders in advance of the EGM, at which the Board and Manager hope the proposed changes will be approved.

An electronic copy of the circular will shortly be available to download from the Company's website www.srei.co.uk

The Company has submitted a pdf of the circular to the National Storage Mechanism. It will shortly be available

for inspection at   https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

For further information:

 
Schroder Real Estate Investment Management Limited: 
 Nick Montgomery / Bradley Biggins / Matthew Riley    020 7658 6000 
FTI Consulting: 
 Dido Laurimore / Richard Gotla / Ollie Parsons       020 3727 1000 
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END

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November 21, 2023 02:00 ET (07:00 GMT)

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