Schroders Real Estate investment trust to buy back shares following 51.6% discount

Discount stands at a 12-month high

The Schroders Real Estate investment trust (SREIT) will begin purchasing its own shares in a bid to narrow its 51.6% discount to net asset value, as the board believes its financial position "remains strong".

According to the board, the £457.6m investment trust had £85.4m of cash on its balance sheet, as well as a loan-to-value ratio of 24%, as at 30 June. In addition to share buybacks, the board said it will continue to focus on "identifying attractive new acquisitions" and "delivering net income growth through new lettings and asset management". UK savers miss out on £38bn of income as cash piles soar The investment trust has the authority to repurchase a maximum of 77,725,160 of its ordinary shares, which will last until the next shareholder authority is granted. It has appointed JP ...