Schroder European Real Estate shareholders to vote on wind-down plan
Schroder European Real Estate Investment Trust PLC said on Friday it will seek shareholder approval for its proposed plan to wind down the business.
The London- and Johannesburg-listed property investor will convene a general meeting on September 3, at which shareholders will vote on the plan that 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.
On Friday, Schroder European said its board unanimously recommends that shareholders vote in favour of the wind-down, which may take the form of single-asset or multi-asset disposals.
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.
If shareholders endorse the plan, Schroder European expects to propose 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.
Schroder European's portfolio totals 14 properties in high-growth locations across France, Germany and the Netherlands.
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