Investors who had supported Sereit’s R2,4bn initial public offering earned a return of 9% within two days LAST Wednesday’s listing of Schroders European Real Estate Investment Trust (Sereit) simultaneously on the JSE and LSE could not have been better timed. As the rand plunged to a new low, investors who had supported Sereit’s R2,4bn initial public offering earned a return of 9% within two days.“Not bad going, given the bloodbath seen in the rest of the market,” says Liston Meintjes, head of investments at Sasfin Asset Managers. The all share index shed nearly 3% last week, following the shock axing of finance minister Nhlanhla Nene.Schroders is one of Europe’s biggest asset managers. It has £300bn under management, of which property accounts for about £12bn.Though Sereit doesn’t own any properties yet, a portfolio worth €130m in Paris, Brussels, Berlin and Frankfurt, among other cities, is under negotiation.Management is targeting a mix of A-and B-grade offices, retail and logisti...
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