The turnaround in Britain's regional property markets was in evidence in an encouraging set of half-year results from Schroder Real Estate Investment Trust (SREI). The company's book value fell from 45.1p to 44.3p in the quarter to 30 June, only to bounce back to 45.4p in the following quarter thanks to a 2.2 per cent like-for-like increase in the portfolio valuation.
Manager Duncan Owen echoes the renewed confidence of the property investment trust sector after half a decade of fire-fighting. "We've finally moved from being a special situation to being on the front foot," he says, stressing the potential for equity-funded acquisitions now that Shroder Reit shares are back in demand. He cites the attractions of the still unfashionable retail sector and so-called 'alternative' property asset classes such as student accommodation, self-storage and the private rented sector.
