New lettings across enlarged portfolio

Schroder Real Estate Inv Trst Ld

14 October 2026

 

For release 14 October 2026

Schroder Real Estate Investment Trust Limited

NEW LETTINGS ACROSS ENLARGED PORTFOLIO, INCLUDING 50,000 SQ FT AGREEMENT WITH GLOBAL LOGISTICS OPERATOR DPD, TO GENERATE £1.2 MILLION OF ADDITIONAL RENT

Schroder Real Estate Investment Trust Limited ('SREIT' or the 'Company') is pleased to provide an update on recent leasing activity, following the completion of the Picton acquisition on 11 September 2026.

Active asset management

The Company's portfolio ¹ is valued at £859 million and comprises 54 assets, which are occupied by approximately 450 tenants. It generates annualised rent of approximately £51 million, with an annualised Estimated Rental Value ('ERV') of £73 million.

Since its last trading update on 5 August 2026, the Company has completed nine lettings of vacant units across the enlarged portfolio, adding £1.2 million of rent per annum, 11% ahead of the 30 June 2026 ERV. In addition, terms have been agreed on 62,500 sq ft of vacant space, which would generate an additional £1.1 million of rent per annum assuming successful completion.

Transactions include:

Industrial

·    At Union Park Industrial Estate in Norwich, the reconfigured 47,944 sq ft 1-3a Twickenham Road has been let to global parcel delivery and logistics provider DPD. It follows a £1.1 million refurbishment to combine, refurbish, and enhance the sustainability credentials of four units, improving the EPC rating to an 'A' from 'C' and 'D' ratings. The rent of £407,950 per annum, or £8.51 per sq ft, is 15% ahead of the 30 June 2026 ERV and 59% ahead of the pre-refurbishment passing rent.

·    Across the industrial portfolio, terms have been agreed on a further 27,000 sq ft of space which would add £395,000 of rent per annum assuming successful completion.

Retail warehouse and standard retail

·    At Churchill Way West in Salisbury, the previously announced 15-year lease without breaks to The Gym Group has completed at a rent of £155,000 per annum, or £20.57 per sq ft, in line with 30 June 2026 ERV. There are five-yearly rent reviews to CPI compounded annually with a cap and collar at 3% and 1% per annum respectively.

·    At 103 Watling Street, a retail park in Bletchley, a renewal with Matalan on Unit 2 has completed, securing a 15-year lease without breaks at £529,550 per annum, or £12.50 per sq ft, in line with 30 June 2026 ERV.

¹ Pro forma portfolio data as at 30 June 2026. Source: Consortium 2.7 announcement dated 31 July 2026 and Company RNS dated 5 August 2026.

·    At Headingley Central in Leeds a 15-year lease without breaks to Tesco has completed on Unit 22, at a rent of £115,000 per annum, or £19.43 per sq ft, in line with 30 June 2026 ERV. There are five-yearly rent reviews to CPI compounded annually with a cap and collar at 3% and 1% per annum respectively.

·    Across the retail warehouse portfolio, new lettings have been agreed on 15,500 sq ft, which would add

£140,000 of rent per annum assuming successful completion.

Office

·    At The Lakes in Northampton, a 10-year lease without breaks to The Sim Club Northampton Limited has completed on the whole of Peterbridge House, at a rent of £220,000 per annum, or £20.18 per sq ft. The letting is 21% ahead of the previous passing level, with a fifth-year rent review to CPI compounded annually.

·    Terms are also agreed on 20,000 sq ft of office accommodation across London and the Southeast, which would add £547,000 of rent per annum assuming successful completion.

A full update relating to the Picton portfolio acquisition, portfolio activity, and future strategy, will be provided

at the Company's Half Year results, which will be released on 26 November 2026.

Peter Lowe, Fund Manager, commented: "These lettings demonstrate the encouraging occupier dynamic we are seeing across the combined portfolio, which is accompanied by a strong focus on extracting cost synergies. Alongside continuing to improve the portfolio vacancy, we are also pursuing capital recycling opportunities to further enhance shareholder returns."

-ENDS-

For further information:

Schroder Real Estate Investment Management Limited: Bradley Biggins / Peter Lowe / Katherine Fyfe	020 7658 6000
FTI Consulting: Richard Gotla / Oliver Parsons	020 3727 1000

 

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