All but one voting shareholder has approved Schroder Real Estate Investment Trust’s (SREI ) proposal to focus on sustainability in its property investments and extend the notice period it has to provide to the manager.

Results from the extraordinary general meeting last week showed 82.7% of voting shareholders supported the changes, with 17.3% of the voting shares, which relates to one investor, not supportive. Just over half of the investor share capital voted.

Given that the majority of shareholders approved, the contract with investment manager Schroder Real Estate Investment Management cannot be terminated on less than 12 months’ notice and such notice is not to expire before the second anniversary of the passing of the resolution.

‘The company notes the votes against, which principally relate to one shareholder who, whilst supportive of the strategy, did not support the amendment to the manager’s contractual notice period,’ the stock exchange notice said.

The votes against the combined resolution totalled 8.9% of shareholder capital.

The largest stakeholders are Investec, Schroder Investment Management and Premier Miton, with respective stakes of 17%, 14% and 9%, according to Refinitiv data. Smaller shareholders include Embark, Witan Investment Trust (WTAN ) and Hargreaves Lansdown, with 7%, 6.6% and 3.2% stakes. 

The changes mean the £397m trust will invest with a sustainability improvement and decarbonisation focus, specifically on adapting existing buildings to those that are modern and fit for purpose.

‘We thank shareholders for their support of our strategic evolution, which places sustainability at the centre of our investment proposition,’ said chair Alastair Hughes. ‘It builds on our long-term track record of outperformance and leverages the broader sustainability resources within Schroders.’

In the year to date, the 40-strong portfolio of retail, warehouse and office buildings in the UK have delivered underlying returns of 8%, while the shares have climbed 15%.