Schroder European Real Estate shareholders endorse wind-down plan
Schroder European Real Estate Investment Trust PLC reported on Thursday its shareholders have approved its proposed plan to wind down the business.
The London- and Johannesburg-listed property investor asked its shareholders to vote on the wind-down motion at a general meeting on Thursday. The plan was first announced late in June.
The company said in June that its board and investment manager had reviewed various options to maximise shareholder value and concluded that a "managed" wind-down and return of capital was in the best interest of shareholders. This move aims to address the persistent discount that the company's shares trade at relative to its net asset value.
The proceeds will be used to repay borrowings and make timely returns of capital to shareholders, the company said.
Given the current market backdrop and heightened geopolitical risks, the managed wind-down process is expected to take about two to three years to complete.
Schroder proposes that the company enter voluntary liquidation when the realisations and returns of capital have caused the company to become too small to justify the costs of retaining a listing for its shares.
Its portfolio totals 14 properties in high-growth locations across France, Germany and the Netherlands.
Shares in Schroder European were up 0.9% to 42.29 pence in London on Thursday afternoon, but were flat at ZAR13.15 in Johannesburg.
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