KPN terminates lease on key Schroder European REIT property

Schroder European Real Estate Investment Trust PLC ("SEREIT") announced on December 17, 2025, that KPN has given formal notice to terminate its lease on a mixed-use office and data centre property in Apeldoorn, Netherlands. This termination will take effect from December 31, 2026. KPN's lease represents approximately 19% of the company's portfolio income and 6% of its portfolio value as of September 30, 2025.

The investment manager is exploring mitigation strategies, including marketing the asset to new occupiers, considering alternative uses like residential development, or a potential sale to redeploy capital. The Apeldoorn property, acquired in February 2018, was valued at €11.8m as of September 30, 2025.

SEREIT expects KPN's departure to negatively impact its future income profile. Should the loss of income from the Apeldoorn asset not be fully offset, future dividends or earnings cover for the company will be impacted.