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KPN gives formal notice to terminate lease
Schroder European Real Estate Investment Trust PLC
(Incorporated in England and Wales)
Registration number: 09382477
JSE Share Code: SCD
LSE Ticker: SERE
ISIN number: GB00BY7R8K77
("SEREIT" or the "Company" or "the Group")
17 December 2025
KPN gives formal notice to terminate lease
Schroder European Real Estate Investment Trust plc, the Company investing in European growth
cities and regions, provides a further lease update for its Apeldoorn investment.
Further to the update provided in its Annual Results statement on 5 December 2025, the
Company has now received formal notice from its tenant, Koninklijke KPN N.V. ("KPN"), of its
decision to terminate its lease. KPN currently occupies a mixed-use office and data centre
property in the Netherlands, representing approximately 19% of the Company's portfolio income
and 6% of portfolio value as at 30 September 2025. The lease termination will take effect from 31
December 2026.
The Investment Manager is pursuing a number of mitigation strategies, which include marketing
the asset to new occupiers, exploring alternative uses such as medium-density residential
development, or a potential sale to enable capital redeployment into accretive opportunities.
Apeldoorn is centrally located in the Netherlands, at the intersection of the North-South and
East-West motorway axes, and is regarded as an attractive, steadily growing residential region,
offering affordable housing and a higher quality of life compared to larger cities.
The Apeldoorn property was acquired in February 2018 for its income-generating characteristics,
and has delivered an unlevered total return of over 8% per annum to date. As at 30 September
2025, the property was valued at €11.8 million, with valuations adjusted periodically to reflect the
diminishing term of the lease.
As previously highlighted, KPN's departure is expected to negatively impact the Company's future
income profile. In the event the Investment Manager is unable to fully offset the loss of income
from the Apeldoorn asset, the level of future dividends or earnings cover will be impacted.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European
Union (Withdrawal) act 2018 ("MAR").
The Company has a primary listing on the London Stock Exchange and a secondary
listing on the JSE Limited.
JSE Sponsor
PSG Capital
Date: 17-12-2025 07:05:00
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