Schroder European Real Estate Investment Trust plc, announced that it has completed the refinancing of a ?8.6 million loan with the existing lender Saar LB, secured against its Rennes logistics investment. The new five year facility is based on a margin of 1.6%, a slight increase from the existing 1.4% margin and is due to expire on 26 March 2029. The total interest cost has been fixed at 4.3% being the five year euro swap rate (c. 2.7%) plus 1.6% margin.

With this new facility, the Company's third-party debt totals ?82.5 million across seven loan facilities. This represents a loan to value ("LTV") of c. 33% against the Company's gross asset value (c.24% net of cash) and is comfortably below the LTV prospectus limit of 35% net of cash. All facilities are on a non-recourse lending basis.

Following draw down, the portfolio's weighted average loan term increases by six months from 2.7 years as of 1 April 2024 to 3.2 years. The Company's blended all-in interest rate increases marginally from 2.8% to 3.0%. The Company's next re-financing is in June 2026, secured against its Berlin DIY and Frankfurt grocery investments.