Retail Warehouse Acquisition

19 November 2014

                 Schroder Real Estate Investment Trust Limited                 

                                (the `Company')                                

                        ACQUISITION OF RETAIL WAREHOUSE                        

The Company announces that it has acquired a retail warehouse in Bletchley,
Milton Keynes for £9.9 million, reflecting a net initial yield of 6.5%. The
property is let to Matalan Limited for a further 6.5 years at a rent of
£675,800 per annum.

The property comprises a freehold, 51,488 sq ft, retail warehouse in a prominent
position on the south side of Milton Keynes adjacent to the junction of Watling
Street and the A5 dual carriageway. The property adjoins a Tesco superstore and
is a short distance from complementary retail warehouse occupiers including
IKEA and retail parks such as Beacon Retail Park.

The property has a flexible planning consent permitting all retail uses except
for food and has a site density of 35% with potential for future
intensification of use. The rent paid by Matalan equates to £13.14 per sq ft
which compares to the rent at Beacon Retail Park of approximately £20 per sq
ft. Matalan have sublet 8,500 sq ft of the property to Carpetright Plc at a rent
equating to £16.25 per sq ft.

Following completion of the acquisition the Company has cash, after adjusting
for transaction costs and this quarter's dividend payment, of £15.6 million.
This results in a net loan-to-value, based on the independent valuation as at
30 September 2014, and prior to any equity raised under the proposed placing
announced on 17 November, of approximately 31%.

For further information:

Schroder Property Investment Management Limited:   020 7658 6000               
Duncan Owen / Nick Montgomery                                                  
                                                                               
Northern Trust:                                    01481 745529                
David Sauvarin                                                                 
                                                                               
FTI Consulting:                                    020 3727 1000               
Dido Laurimore / Ellie Sweeney