Manager of the £460m Schroder Real Estate investment trust (SREIT) Duncan Owen will step down from his role as global head of real estate at Schroders REIM (SREIM) on 31 December.
Owen, who has managed SREIT since IPO in 2004, will become a special adviser to SREIM with a particular focus on the investment trust. He will continue to work closely with both the board and the investment team on the trust, including co-manager Nick Montgomery who will take over the trust's helm after he steps down.
Montgomery, who has co-managed the trust alongside Owen since its launch, will not make any changes to SREIT's investment strategy and objectives, according to the board. It added that it will "continue to monitor the position closely".
SREIT, which resides in the IT Property - UK Commercial sector, has lost 34.9%, 37.2% and 29.4% over the last one, three and five years respectively, according to data from FE fundinfo. Its average peer in the sector has lost a respective 18.5%, 16.3% and 4.1% over the same time frame. It is currently trading on a 44.7% discount to NAV.