Slides
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2S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 8th October 2026 SERT’s Strategic Overview Simon Garing Chief Executive Officer
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3S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 1. Based on independent valuation as at 30 June 2026 for 94 assets, One asset being carried at sale price and the recently acquired Dutch asset being carried at purchase price and includes SERT’s investments in AiOnX 2. Country portfolio allocation is based on independent valuation as at 30 June 2026 for 94 assets, One asset being carried at s ale price and the recently acquired Dutch asset being carried at purchase price and excludes SERT’s investments in AiOnX Strategic portfolio re-allocation progress Up to 70% by 2028 55.7% 7.2% 15-25% by 2028 35.1% 15-25% by 2028 SERT today combines stable logistics income with multiple avenues for future earnings and NAV growth A large-scale European predominantly logistics portfolio combining resilient income, data centre growth and long-term value creation Thorn Lighting, Spennymoor, Durham, UK AiOnX data centre development fundVeemarkt, Amsterdam, The Netherlands Parc des Docks, Paris, France Centro Logistico Orlando Marconi, Monteprandone, Italy Nervesa21, Milan, Italy Netherlands: 29.6% Amsterdam, Den Haag, Rotterdam France: 21.9% Paris Italy: 16.8% Rome, Milana Germany: 10.0% Frankfurt, Hamburg, Munich Denmark: 7.1% Copenhagen Poland: 5.9% Kraków, Poznań, Gdańsk Czech Republic: 3.6% Hradec Králové, Pisek, Lovosice United Kingdom: 3.3% NW England, Durham Finland: 1.8% Helsinki €2.2b Property portfolio value255.7% 7.2% 35.1% 1.9% €2.3b Valuation1 Logistics / Light Industrial Data Centre Office Others Income Growth Property portfolio by geographic
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4S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Logistics / Light Industrial Private Capital and Asset Management High Value Data Centre Developments Improved Risk-Return Portfolio Capital Partnerships and Fee Generating Business Earnings Growth ꞏ DPS Growth ꞏ NAV Growth Scale the portfolio toward approximately 70% of assets and continue capital recycling into higher-quality logistics opportunities. Expand AUM, generate capital-light fee earnings and enhance SERT's ability to source, execute and scale investments. Build towards 15-25% exposure through selective investments, developments and conversion opportunities. Income Growth and DPS growth Capital: Light Earnings and ROE Enhancement NAV Growth and Higher returns A scaled platform positioned to deliver long-term DPS and NAV Growth SERT has established three complementary growth engines designed to support long-term earnings growth, DPS growth and NAV growth Three growth pillars
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5S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 The next stage of SERT’s evolution Phase 4Phase 1 Phase 2 Phase 3 Portfolio repositioning substantially complete Integrated growth platform across the 3 pillars Data Centre developments via both AiOnX and on SERT’s balance sheet investments Internalisation with €3.2 bn platform The proposed internalisation is not the finish line, as SERT moves towards building an integrated growth platform
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6S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Economic transformation – from paying fees to earning fees 1. Fees include Manager’s fees, property manager’s fees, acquisition, divestment and other fees, development management and proj ect management fees, leasing fees Securityholders own the platform Earnings retained & new fees generated Value flows outwards €28.0m Fees paid to SWI Group Internalisation + €13.3 million NTM EBIT bought inside SERT External management model Internalised platform model • €28.0m external management fees1 paid to SWI Group in FY25 • Management returns flows to the external manager rather than securityholder • €13.3m NTM EBIT (proforma) retained in sponsor • Operational decisions and resources managed externally to SERT • Portfolio managed at cost • Pan-European capabilities brought in-house, employs ~100 staff across 10 European countries and Singapore • €13.3m NTM EBIT (proforma) retained in SERT • Aligned and self-managed platform Internalisation transforms SERT from a payer of management fees into an owner of the management platform, allowing it to retain the earnings of managing its own portfolio while also earning recurring fee income from third-party asset management contracts
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7S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Strategic Cooperation Agreements (SCA) 1. Exclusivity SCA Positions SERT for exclusive logistics and light industrial investment rights across Europe within the SWI Group ecosystem 2. Digital SCA Preferred access to SWI Group's specialist data centre capabilities and opportunities under Independent Director oversight Both support SERT’s continued growth in the logistics, light industrial and digital infrastructure sectors Summary overview of the proposed internalisation and co-investments Consideration €114.0 million Effective Consideration1 €94.0 million REIT manager, BT-Trustee manager, European platform, third-party asset management contracts Pan-European management platform Investors participate fully in platform earnings SERT’s 7.1x Effective Consideration/EBIT multiple vs Valuer’s 10.1x EV/EBIT multiple Consideration €8.4 million Co-investments Minority stakes in managed assets Strengthens alignment with institutional capital partners and supports potential future co-investment and joint venture opportunities 1. Based on the purchase consideration of €114 million net of €20 million, representing the benefit of issuing 40 million of sta pled securities at €2.00 at €0.50 premium to €1.50, the latest practicable stapled securities trading price 2. To independent mid-point valuation Transaction highlights +5.9% DPS Accretion 14.18 Pro-forma DPS (€ cents) €34.0m Cash 29.4% Discount to valuation2 40m securities @ €2.00/security Subscribed by SWI Group €94.0m Effective consideration1 Consideration Why Internalisation proposal matters SERT will build a pan-European logistics and light-industrial operating platform that manages both SERT's assets and selected third-party asset management contracts Transaction to be funded predominantly through issuance of 40 million stapled securities at€2.00/stapled security
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8S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 1. SERT Proforma Distributable Income is based on the FY25 Eur74.8 million adjusted to take into account the changed number of securities in the past year from 558m to now 555m securities due to 3m cancelled under Securities buy back program in order to illustrate the actual FY25 DPS of 13.39cps. SERT Board has previously provided guidance that FY 2026 DPS should be " broadly in line" with FY25 DPS of 13.39cps. However this should not be taken as a REIT forecast for FY27 2. The AMPM Company Proforma is the FY2027 Forecast, assuming its acquired on 1st January 2027 3. The valuer’s proforma EBIT is based on a pro-rated 12-month period between the valuation report date of 14 September 2026 and 13 September 2027, whereas SERT’s proforma is based on the 12-month period for FY2027. SERT Proforma3 - FY27e (In € million) Estimated SERT management fee revenue (including 11mil of third-party service contract fee revenue) 37.4 Less: Estimated platform operating costs -23.8 EBIT 13.7 Less: Estimated income tax -1.8 Less: Acquisition financing costs -1.8 Proforma net distribution accretion 10.1 SERT REIT (Proforma) REIT manager, BT-trustee manager, European platform (AMPM) (Proforma) SERT INTERNALISED (Proforma) 74.31 10.12 84.4 5551 40 595 13.39 14.18 Distributable Income (€‘m) Number of securities (m) DPS (€ cents) Internalisation +5.9% Illustration of DPS accretion Immediate +5.9% DPS accretion Targeted operating platform proforma
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9S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 The objective is to create a self-reinforcing growth model where platform earnings, capital recycling and higher-return investments drive both DPS growth and NAV growth while maintaining capital discipline Beyond day one accretion: pathways to DPS and NAV growth Funding the next source of growth: Asset recycling + platform earnings + third-party capital + disciplined leverage (40%) Equity will only be raised where expected returns materially exceed SERT's cost of equity 14.2cps DPS FY27 + Platform Growth + Higher Return Logistics + Data Centre Developments + Third Party Growth = Long Term DPS Growth with more flexibility in capital sourcing Logistics / Light Industrial Targeted 7-9% IRR Target: 70% of Portfolio Data Centre Developments 20-30% illustrative project IRR Target: 25% Exposure Institutional co-investment model 4-6 SERT Assets seeking approvals for DC conversion Third Party Mandates Targeted 12-18% IRR Capital Light Earnings AUM growth Sourcing advantage Capital Recycling Targeted 6-7% IRR €400 million of non-core assets
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10S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Illustrative economics on a hypothetical1 property acquisition generating 6.0% NPI yield vs 4.9% under external model Retains the full benefit of future acquisitions and investments Enhanced value from future growth 1. Assuming acquisition fee of 1.0% is amortised over five years, and 0.90% of existing REIT, asset and property management fees 4.9% 6.0% 1.1% Externally managed Internalised Retained by securityholders Captured by external manager Future acquisitions do not incur acquisition fees, ongoing management, leasing, and other fees • Under an externally managed structure, acquisition fees and ongoing management fees on each new acquisition would otherwise be paid away to an external manager • Following the Proposed Internalisation, these amounts are instead retained within SERT, so that a larger share of tomorrow’s growth accrues directly to securityholders • Under an internalised structure, substantially all of the NPI yield may be retained within SERT; under the current externally managed model, acquisition fees and ongoing management fees would instead be paid to the external manager, reducing the yield retained by SERT to approximately 4.9% • Improves the long-term scalability of the platform, ensuring that a greater share of future acquisition-driven earnings growth is retained within SERT Underlying return Acquisition fees and ongoing management fees
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11S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 • SERT to have exclusive rights across Europe for logistics and light industrial sectors under SWI Group • Non-compete on SWI Group and affiliates; passive referrals only (not locked in) • Finder’s fee (up to 1% of acquisition price) and capital partner introduction fee (up to 2% of equity deployed); payable where no existing relationship exists and only if SERT proceeds • All fees negotiated on commercial terms and approved by Independent Directors • Preferred access to SWI Group Data Centre capabilities (NVIDIA preferred partner) • Non-exclusive, flexible procurement - SERT may use SWI Group or third-party data centre consultants • Origination fee if sourced by SWI Group • Development/asset management/leasing fees under per-data centre development and management agreements (DAMAs) - all fees are capped • 5-year term, renewable for every 2-year periods (6 months' notice to non-renew) Strategic Cooperation Agreement (Exclusivity) Strategic Cooperation Agreement (DCs) Complements the internalisation Protects the core franchise Preferred Data Centre access Provides flexibility No Lock-ins Controlled fee framework Internalisation with strategic alignment Two agreements that lock in exclusive logistics rights and preserve preferred access to SWI's data-centre capabilities and disciplined fee control
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12S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Dual track strategy with strong pipeline and expertise, combined with SERT’s own assets to be converted Data Centres developments as a 3rd growth pillar Conversion of Existing Assets 6.6% Stake in AiOnX Mandatory Convertible Loan • SERT has identified over 10 sites in our portfolio that can potentially convert into data centre developments • Conversion can be fast tracked in 2-4 years • Land valuation can substantially increase with approval of data centre planning consent • Parc Des Docks key planning milestones on the way • €50 million investment for a 6.6% stake in AiOnX in June 2025 • Revaluated at 41% higher in 1H 2026 • AiOnX’s fixed life structure crystallises development gains on exit, avoiding indefinite embedded gains • Targeting 12-15% yield on cost • Additional €50 million investment in AiOnX as Mandatory Convertible Loans in 2026 • Fully income generating from day one earning a fixed 7.25% annual cash coupon, +2% accretive to indicative DPS • Able to convert into AiOnX equity at a material discount to appraised value
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13S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Long-term redevelopment options for a future mixed-use scheme including data centres are currently being assessed Conversion opportunities within SERT’s portfolio
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14S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Majority-independent structure providing deep real estate and capital markets experience, strong strategic oversight and governance Board of Directors: Experienced leaders in global real estate, investment management and corporate governance Lim Swe Guan Chairman & Non-Independent Non-executive Director • >35 years of investment management & real estate experience Kuan Li Li Lead Independent Non-executive Director • >40 years of leadership experience across Finance and Banking Frank Khoo Independent Non-Executive Director • >30 years of experience in international real estate portfolio management, fund management, capital deployment, and governance Jaume Sabater Non-Independent Non-Executive Director • >20 years of experience in real estate investment, fund management, and capital deployment across Europe Pierre Grégoire Baudin Independent Non-Executive Director • >25 years of experience in private banking, wealth management, and international finance Simon Garing CEO and Executive Director • >25 years of investment management and financial markets experience in Australia and across Asia
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15S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Active portfolio management to unlock value, generate alpha and deliver sustainable, risk adjusted returns Built for the next phase of Growth Over the last five years, SERT transformed its portfolio. Project Ignite transforms the platform. The result is a self-managed European real estate platform designed to deliver long-term DPS growth, NAV growth and value creation for securityholders. Stronger Income Platform • 56% logistics today, targeting ~70% • High occupancy and positive rental reversion • Stable foundation for distributions Internalisation Changes the Economics • From paying fees to retaining earnings • Immediate DPS accretion • Securityholders own the platform Multiple Growth Engines • Logistics • Private Capital & Asset Management • Digital Infrastructure Disciplined Capital Allocation • Asset recycling • Third-party capital partnerships • Data-centre developments • Focus on DPS and NAV growth
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16S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 8th October 2026 Private Capital Wouter Zwetsloot Chief Private Capital Officer
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17S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Fundraising is recovering, and new capital favours the strategies third-party mandates deliver Capital is rotating to value-add strategies Sources: Preqin Pro, Europe primary focus (fundraising 2019–2026 YTD as at 3 Oct 2026; dry powder 30 Jun 2026; PERE Research & Analytics, Q2 2026 Global Fundraising Report (46% is global H1 2026 data; $82.6bn as at 1 Jul 2026); Lazard citing PERE. 63% 11% 0 10 20 30 40 50 60 70 80 90 100 2019 2020 2021 2022 2023 2024 2025 2026 YTD % of year total 30% 31% 15% 11% 10% 3% Value-Added Opportunistic Debt Core-Plus Core Other Europe fundraising by strategy, 2019–2026 YTD (% of capital) Europe dry powder by strategy 2026 (total €93.5bn) €93.5 billion 74% of Europe capital raised 2026 YTD went to value-add/opportunistic (2019: 47%) €890 million average Europe fund closed 2026 YTD, vs €337m in 2019: capital concentrating 46% of global fundraising went to industrial in H1 2026, up from 24% in 2025 €72.3 billion sought by funds in market targeting Europe (1 Jul 2026)
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18S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Third-party contracts sit next to the SERT portfolio: not competing with it, but complementing SERT’s business line A complementary business line, capabilities already in-house Complementary Targets strategies outside SERT's own risk appetite: value-add, development and build-up and repositioning plays. Private capital keeps investing when listed equity is constrained Sustainable Recurring base asset management fees over 3 to 7-year mandates, with transactional fees and promote on top. Clients span private equity, pension funds, institutions and banks Supporting Widens pipeline and market access, deepens development capability, creates co-investment opportunities and offsets local platform cost Same team, same platform. Contracts are managed by the investment, asset management and development teams that perform these functions SERT. The capabilities are already in-house. Longstanding third-party track record Asset management contracts Joint ventures Separate accounts
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19S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 SERT will acquire a limited number of existing third-party asset management contracts, delivered by substantially the same teams and resources that already support SERT’s own portfolio Broader earnings and relationship platform 1 Enhanced pipeline and market access SERT’s teams stay close to investors, developers, occupiers and lenders across Europe, widening access to off-market opportunities. 2 Co-investment and joint ventures Capital partners today are potential co- investors tomorrow, giving reach into larger deals while sharing capital and development risk. 3 Additional sources of earnings Recurring fee income helps carry the cost of local asset management, leasing and development teams across Europe. 4 Deeper platform capability A wider, more varied project set sustains specialist skills in development management, leasing, repositioning and capital projects. 5 A proven industry model The platform has combined ownership with third-party mandates for over 30 years, backed by an established institutional client track record. Governance and safeguards Third party contracts are not intended to become a standalone business for SERT. Governance, conflict management and investment allocation procedures are in place to ensure that any conflicts between SERT and the Third-Party Service Contracts are appropriately identified, managed and resolved.
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20S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Typical parameters; terms are set per contract. These are typically not conflicting with SERT risk return profile Key terms and return drivers Term Clients Private equity, pension funds, insurance companies, institutional investors, banks Strategy Single region, single sector; strategy- and research-driven to optimise market timing Return profile Core-plus, value-add and opportunistic; 12–18%+ IRR; IRR and equity-multiple focused Value creation, return drivers Portfolio build-up, development, repositioning and expansion, combined with lease-up and reversion Duration 3–7 years, Aligned with value-add business plan cycles Fees Recurring base AM fee; transactional fees (acquisition, disposal, leasing, development); mandate promote Co-invest 0–10%, Alignment of interest; flexes per client Leverage LTV up to 60%, Set at vehicle level
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21S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Third party contracts typically invest counter-cyclically, giving SERT a supplementary business and revenue stream A €3–4bn platform, managed through the cycle 1.3 1.7 2.1 2.2 2.4 2.5 2.3 2.2 2.2 2.1 2.2 1.6 1.4 1.3 1.4 1.6 1.7 0.8 3.4 3.9 3.8 3.5 3.7 3.9 3.9 3.9 3.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 SERT Other Mandates Total Average SERT IPO Historical European assets under management (in € billion) Source: Cromwell Property Group Annual Reports, Company reports 1. Mainly due to the exit of the Polish Shopping Centre fund (CPRF) and UK logistics mandate 1 Average 3.7
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22S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Selected track record partnerships since 2014 Track record: 12–30%+ net IRRs since 2014 Partner1 Geography Strategy GAV2 Realised NET IRR3 P1 Netherlands Value Add €445m 14-16% P2 Netherlands Value Add €150m 16-18% P3 CEE Value Add €110m 25-27% P4 CEE Value Add €180m 15-17% P5 Finland Value Add €160m 16-18% P6 Netherlands Value Add €280m 20-22% P7 Finland Value Add €150m 12-14% P8 United Kingdom Opportunistic €50m >30% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Offices Logistics Cross-sector 1. IRRs are not tracked for asset management mandates 2. GAV at peak and rounded at €5m 3. Net IRR ranges provided on unaudited basis
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23S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Why the third-party contract business is sustainable 1 Recurring earnings base Base asset management fees run for the full 3–7 year mandate life; transactional fees and promote are upside Bottom line: a recurring fee business, run by the team that already manages SERT’s assets 2 Global capital, local partnerships Global capital increasingly is seeking European strategies through separate accounts and JVs 3 Strategies that grow Build-up, development and expansion strategies keep mandates growing and successful execution lead to follow-on capital from the same clients 4 Embedded team and record No new platform to build: the enlarged SERT team has a long standing track record and already manages third party contracts Four key reasons the business transferring into SERT will last
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24S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 8th October 2026 Europe’s Property Market Outlook Andreas Hoffmann Chief Investment Officer
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25S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 1. Macroeconomic Outlook for Europe
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26S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Eurozone’s potential growth rate forecast at around 1% per year Eurozone GDP forecast, annual percentage changes Eurozone activity stabilizing after Iran-related shocks, though economy is in a bottoming-out process rather than rebounding European GDP growth Source: Oxford Economics (Sep 2026) 0.6 0.9 1.5 1.0 1.4 1.6 2023 2024 2025 2026 2027 2028 ECB Policy Rate (%) Oxford Economics forecast ECB policy rates to hold while market prices higher 1.75 2.25 2.75 3.25 3.75 4.25 2022 2023 2024 2025 2026 ECB deposit rate OE forecast Market pricing
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27S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Euro area annual inflation August estimates Harmonised Index of Consumer Prices (HICP) annual inflation by component Surge in energy price marks a clear broadening of energy price pressures even though underlying inflation pressures remain contained European inflation led by energy surge Source: Eurostat (Oct 2026) 1.7 2.0 2.2 2.4 2.5 2.3 2.2 2.2 1.9 2.0 2.0 2.0 2.2 2.1 2.1 2.0 1.7 1.9 2.6 3.0 3.2 2.8 2.9 3.2 3.8 0. 0.5 1. 1.5 2. 2.5 3. 3.5 4. -10. -5. 0. 5. 10. 15. 20. 25. 30. Food including alcohol and tobacco Non-energy industrial goods Energy Services (overall index excluding goods) Total
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28S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 European real estate investment volumes by sector, in € billions European real estate investments Q2 2026 totalled €59.1bn, up 10% YoY and marking the strongest second quarter since 2022. Throughout the years, weightage of Industrial, Hotel, and Residential investments has increased while Office and Retail investment has gone down. European real estate investment volumes 1. Source: CBRE (2026) 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1H Office Industrial Retail Hotel Residential Healthcare Other +51.8%
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29S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 CBRE forecasting with sharpe ratios1 (excess return over risk premium) SERT’s property mix by country Approximately 40% of SERT’s portfolio is in The Netherlands and Germany, which provides the best risk-adjusted returns in Europe. Denmark is another growth country for SERT. Spain is on the watch list for a market entry but is quite competitive. Risk-adjusted returns in Europe 1. Source: CBRE, using 10-years expected rate of return and required rate of return 2. Based on asset value of properties in SERT’s portfolio, country portfolio allocation is based on independent valuation as at 30 June 2026 for 94 assets, One asset being carried at sale price and the recently acquired Dutch asset being carried at purchase price and excludes SERT’s investments in AiOnX 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 Netherlands Germany Spain Nordics Rest of Europe United Kingdom France Sharpe (CBRE Forecast) Sharpe (Exit Yield = Entry Yield) • According to CBRE global analytics & forecasting, Germany and the Netherlands continue to offer the best returns per unit of risk. The Nordics and the rest of the European region still show expected returns very similar to their required returns. • SERT’s portfolio is well diversified by geography, mainly investing in AA-rated or higher countries with 91%1 weighting to Western Europe and the Nordics. The Netherlands remains our largest country exposure at approximately 30% of the portfolio, reflecting its importance as a key European logistics hub and the strength of its high-tech and export-oriented economy. €2.2b Property Value2 Netherlands: 29.6% Amsterdam, Den Haag, Rotterdam France: 21.9% Paris Italy: 16.8% Rome, Milana Germany: 10.0% Frankfurt, Hamburg, Munich Denmark: 7.1% Copenhagen Poland: 5.9% Kraków, Poznań, Gdańsk Czech Republic: 3.6% Lovosice, Pisek, Hradec Králové. United Kingdom: 3.3% NW England, Durham Finland: 1.8% Helsinki
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30S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Portfolio occupancy at 93.7% and income resilience shown through long 5 to 10-year leases No material leases expiring over next two years Tenant-customers by trade industry sector Highly diversified tenant base of 750 tenants No single industry trade sector represents >17.0%1 of the portfolio, and top 10 tenant-customers at only 21.5%1 of total headline rent Diverse tenant-customer roster underpins resilience 1. By headline rent as at 30 June 2026 2. “Others” in tenant-customer trade sector pie chart comprise Utility / Education / Rural / Human health / Mining / Other Service Activities / Residential / Water / Miscellaneous Services 16.5% 14.6% 12.8% 12.1% 9.4% 5.3% 29.3% Wholesale - Retail Transportation - Storage Financial - Insurance Manufacturing Professional - Scientific Public Administration Others 8.2% 9.5% 13.7% 10.4% 58.2% 12.8% 14.0% 17.2% 10.1% 45.9% 2026 2027 2028 2029 2030 and Beyond % by WALE Stable income growthBalanced lease profile A portfolio WALE of around five years balances near-term risk with flexibility for rental growth Diversified tenant profile Minimal expiry risk in the near term, especially valuable in current macroeconomic uncertainty Typical 5–10-year European lease duration leads to longer rental visibility with embedded indexation Focus on occupancy and rental momentum smooths cash flows and reduces income volatility for investors
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31S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 2. SERT office portfolio and European Office Market
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32S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 127 109 95 100 105 110 115 120 125 130 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 Average prime CBD Average secondary CBD European prime vs secondary CBD rental growth index The rental growth gap between prime and secondary CBD has been widening Average European office occupancy rates of CBD vs Total Increased occupancy rate gap between CBD and total European office Tenants have been shifting preferences towards Prime CBD, “higher quality” offices Flight to quality trend prevalent in prime CBD numbers 92.89% 95.05% 89.92% 90.49% 84% 86% 88% 90% 92% 94% 96% 98% CBD Total 1. Rental growth index has been rebased from 2019, source: Savills (Q2 2026)
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33S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Top 30 markets M-RevPAM growth of the European Office sector1 with a projected CAGR of 4.0% from 2026 to 2030 Market revenue per available square meter (M-RevPAM) measuring changes in market occupancy and rent After years of negative / slow rental and occupancy growth in the office market, 2030 forecast estimates a CAGR of 4% Office rent and occupancy set for growth 1. Office sector defined by Green Street with market considerations anchored to B+ quality office space with uneven overlap of R EIT ownership. Class-B typically represents estimated 80-90% of overall office stock 2. Source: Green Street -3% -4% -1% -6% -4% 2% 2% 4% 5% 5% 4% 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E
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34S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 SERT’s Office Asset Value (€ million) against Vacancy rate Holding on to high occupancy, higher yield properties Repositioning SERT’s Office portfolio to prime/core/ESG 1,300,985 1,220,345 1,019,410 957,326 899,275 810,645 8.1% 10.7% 9.7% 9.1% 12.8% 9.7% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 500000 600000 700000 800000 900000 1000000 1100000 1200000 1300000 1400000 2021 2022 2023 2024 2025 2026 1H Asset Value Vacancy rate 5 Year Average Sector Performance 4.45 years WALE 3.52 years WALB 5.4% Rental Reversion 61.0% Tenant Retention SERT has sold most of its non-core office assets, thereby also reducing portfolio office exposure, in line with SERT's investment strategy to reduce office exposure to 15%-25% by YE2028, only retaining core ESG assets in prime/core locations, mainly in the Netherlands
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35S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 9% 10% 11% 10% 10% 12% 13% 15% 17% 1% 2% 3% 2% 1% 2% 3% 5% 5% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Maintenance Cap-Ex as % of NRI Like-for-like NRI growth An increasing percentage of net rental income has to go to AEI works, mainly ESG initiatives, to outpace rental growth Greenstreet research case study of Paris historical reported Cap-Ex to like-for-like net rental income growth, based on 3 years trailing averages Recent research indicated landlords need to increase margins towards maintenance cap-ex to achieve like-for-like growth Office growth comes at a cost • Recent study of 10 years of REIT office capital expenditures confirmed that landlords need to spend increasing amounts, in percentage, of net rental income on upgrades, maintenance, and AEI capex to keep in line with the office market growth in Europe. • The completed Nervesa21 and the ongoing upgrading works at Haagse Poort in The Hague are prime examples of SERT delivering modern, sustainable, and high-performing assets that meet evolving tenant needs. Nervesa21 has been revalued 149.5% higher than acquisition price and Haagse Poort has reported a €8.6 million uplift in valuation representing an 11.7% increase even before upgrade works have been completed. 1. Source: Greenstreet
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36S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 ESG and sustainability KPI’s met, office portfolio with 88% buildings by value green-certified SERT’s portfolio GRESB scores, green certificates, and percentage of green leases and buildings Way ahead of existing European office stock SERT compared to current European market. Riding on trends as office tenants increased emphasis on quality and the rising demand for energy-efficient buildings Concentrating office portfolio exposure to prime green buildings 24 33 46 42 4167 73 76 79 85 83 85 87 10% 24% 30% 45% 52% 54% 34% 70% 76% 77% 65% 85% 88% 88% 0.09 0.19 0.29 0.39 0.49 0.59 0.69 0.79 0.89 15 25 35 45 55 65 75 85 95 2019 2020 2021 2022 2023 2024 2025 2026 Green Certificates GRESB Score (RHS)2 Green Leases (% by leases) Green-Certified Office Buildings (% by value) 20% 27% 86% 69% ESG-certified office stock EPC A+, A & B office stock Existing European office stock SERT's office portfolio • Savills reports that competition for the quality offices will intensify over the next 2-3 years as deliveries of prime office space become scarce. Leasing demand has been led with occupiers looking for high-quality stock in prime CBD locations. • As Investor preference to greener stock across European cities remain, landlords continue to refurbish existing space to deliver good-quality space to the market and ensure their buildings meet sustainability regulations. 1. “ESG-certified office stock” includes BREEAM, LEED or equivalent rankings, “ Green Certificates” comprise BREEAM ‘Very Good’ or above / LEED ‘Gold’ or above 2. Existing European office stock of ESG-certified office stock data from CBRE (2025) 3. Existing European office stock of EPC A+, A & B office stock data from Savills (2025) 4. All environmental performance data is preliminary and subject to ongoing assurance review
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37S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Office Portfolio Highlights Haagse Poort (The Netherlands) De Ruyterkade (The Netherlands) Nervesa21 (Italy) Lettable Area (sqm) 68,415 Purchase Price (€ million) 158.8 Valuation (€ million) 177.4 Occupancy 98.7% Initial Yield 6.3% Reversionary Yield 9.0% Lettable Area (sqm) 8,741 Purchase Price (€ million) 36.4 Valuation (€ million) 38.8 Occupancy 52.6% Initial Yield 6.1% Reversionary Yield 21.1% Lettable Area (sqm) 9,837 Purchase Price (€ million) 25.4 Valuation (€ million) 63.3 Occupancy 100.0% Initial Yield 3.3% Reversionary Yield 5.1% 1. Numbers as at at 30 June 2026, valuations based on independent valuation as at 30 June 2026 Nervesa21 and the planned Haagse Poort capex (Paris proof) illustrate SERT's office portfolio repositioning strategy towards modern, sustainable, and high-performing assets that meet evolving tenant needs. Nervesa21 has been revalued 149.5% higher than acquisition price and Haagse Poort has reported a €8.6 million uplift in latest valuation, based on the planned capex program and NN 20-year lease regear.
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38S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 3. European Logistics / Light Industrial
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39S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Member states’ defence expenditure rose for the 11th consecutive year Estimated defence expenditure2 by member states € billions Partially from increased demand expected from defence spending, expected 37 million sqm positive impact over the next decade Confidence in market from increase in industrial production Industrial Production has been mostly increasing since 2025 Year on year percentage change1 197 202 211 219 231 242 259 270 296 349 418 454 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 7.9% CAGR -6% -4% -2% 0% 2% 4% 6% 2023 2024 2025 2026 1. Source: Oxford Economics (2026) 2. Source: Council of European Union, Europa (2026)
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40S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Europe Logistics take-up (million sqm) and average vacancy rates Steady rise in vacancies as take up volume has been decreasing since 2021 Across Europe, H1 2026 leasing activity reached 14.01 million sqm, up 20.5% year-on-year Increase in take up, slight decrease in vacancy rate 1. Source: Savills, 2026 numbers from 2026 1H reported numbers 2. Source CBRE, from Q1 of respective years 5.43% 5.02% 2.95% 3.98% 6.41% 6.83% 6.66% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 0 5 10 15 20 25 30 35 40 2020 2021 2022 2023 2024 2025 2026 Million sqm H1 take up H2 take up Vacancy rate Prime rents on the rise while pipeline continues to decrease. EMEA Prime Rent Index to Rolling 12-month completions2 100.0 102.8 113.9 126.2 134.1 137.1 139.7 80 90 100 110 120 130 140 0 5 10 15 20 25 2020 2021 2022 2023 2024 2025 2026 Million sqm 12-month completions EMEA Prime Rent Index 1 1 2
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41S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 SERT’s Logistics / Light Industrial Asset Value (€ million) against Vacancy rate and Rent reversion Lower vacancy rates, steady growth in leases and valuation with strong rental reversion We continue to increase allocation towards the Logistic / Light Industrial sector as portfolio outperforms most other real estate sectors SERT’s ongoing pivot to Logistic / Light Industrial 1,016,820 1,162,080 1,187,004 1,239,981 1,211,248 1,286,408 4.30% 1.90% 4.40% 5.80% 5.60% 4.80% 4.00% 2.70% 6.90% 4.00% 8.10% 9.60% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 500000 600000 700000 800000 900000 1000000 1100000 1200000 1300000 1400000 2021 2022 2023 2024 2025 2026 1H Asset Value Vacancy rate Rent reversion 5 Year Average Sector Performance 5.04 years WALE 3.85 years WALB 5.6% Rental Reversion 59.4% Tenant Retention
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42S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 SERT’s new and renewed leases, comes with positive rent reversions Portfolio repositioning bringing in more new leases and increasing rental rates SERT’s portfolio vacancy rate is tighter compared to the market’s4 Successfully acquiring and managing portfolio that outperforms the market SERT’s logistics portfolio delivers higher occupancy than market, strong rental growth, and efficient operations Logistics and Light Industrial is a high-conviction sector for SERT 1. Occupancy rate is based on NLA and excludes (i) certain units in Kolumbusstraße 16 which are currently under redevelopment (ii) certain units in Sognevej 25 which are ear-marked for re-development 2. Paryseine (France) reclassified from Office sector to L/LI sector as the L/LI segment component became the predominant economic use of the property 3. Rent Reversions from 2020 to 2025 are 2H rental reversions from that year, 2026 1H is as at 30 June 2026 4. Source: Savills 3.30% 7.40% 2.30% 4.90% 8.80% 9.60% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 0 20 40 60 80 100 120 140 160 2021 2022 2023 2024 2025 2026 1H Number of leases New leases Renewed leases Rent reversion • Robust rental growth: 2026 1H rent reversion averaged 9.6%, well above historical averages, highlighting supply-demand imbalances in European markets. • Operational efficiency: This sector has more streamlined operations, lower capital expenditures, and stronger re-leasing, all enhancing cash flow predictability. • Strong occupancy and tenant demand: 95.2% occupied logistics / light industrial portfolio, showing resilient tenant demand amid economic uncertainty. • Outpacing the market: Compared to the markets high vacancy rates and decreasing take ups, SERT’s performance shows strength in portfolio quality. 5.0% 3.0% 4.0% 6.4% 6.8% 6.7% 4.3% 1.9% 4.4% 5.8% 5.6% 4.8% 2021 2022 2023 2024 2025 2026 1H Savills Europe Logistics Vacancy SERT's L/LI Vacancy
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43S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 1. Source: CBRE 2. Based on independent valuation as at 30 June 2026 0 500 1000 1500 2000 2500 3000 France Germany Sweden United Kingdom Italy The Netherlands 2023 Q2 2024 Q2 2025 Q2 2026 Q2 % of portfolio France €413.7 million valuation 32.16% of Portfolio Germany €220.8 million valuation 17.16% of Portfolio United Kingdom €71.0 million valuation 5.52% of Portfolio Italy €166.9 million valuation 12.97% of Portfolio The Netherlands €111.7 million valuation 8.68% of Portfolio SERT’s Logistics / Light Industrial portfolio2 has a 77% presence in these countries SERT is well positioned in Europe's large logistic investment markets however finds good "truffle" opportunities in Italy and The Netherlands. UK underweighted due to higher cost of debt funding Market liquidity as one factor for SERT's country allocation strategy Top 6 European countries based on 2026 Q2 industrial property investment volumes (€ millions)1 From the pickup in investment volumes from 2023, UK has seen decline while France, Germany, Sweden, and Italy has increased on a quarter-by-quarter basis
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44S E R T I N V E S T O R D A Y | 2026 Hero Slide Title: Segoe UI Black (49) Normal Slide Title: Segoe UI Black (24) Subtitle: Segoe UI (12) Bold Normal Text: Segoe UI (12) Only less important subtext and charts to be size 10 Glance of SERT’s flagship and spotlighted logistics / light industrial properties Logistics / Light Industrial Portfolio Highlights 1. Numbers as at at 30 June 2026, valuations based on independent valuation as at 30 June 2026 Parc des Docks (France) Veemarkt (The Netherlands) Parsdorfer Weg 10 (Germany) Lettable Area (sqm) 73,371 Purchase Price (€ million) 98.0 Valuation (€ million) 180.6 Occupancy 86.9% Initial Yield 5.3% Reversionary Yield 6.7% Lettable Area (sqm) 21,957 Purchase Price (€ million) 35.5 Valuation (€ million) 60.2 Occupancy 100.0% Initial Yield 5.0% Reversionary Yield 5.6% Lettable Area (sqm) 26,444 Purchase Price (€ million) 25.9 Valuation (€ million) 39.8 Occupancy 96.3% Initial Yield 5.6% Reversionary Yield 5.8%