The completion of the divestment is subject to the customary conditions and is expected in the fourth quarter of this year
[SINGAPORE] The managers of Stoneweg Europe Stapled Trust (Sert) on Thursday (Sep 18) announced the divestment of a non-core office asset in Italy for 11.4 million euros (S$17.2 million) and the completion of a 7.8 million euros sale in Poland.
The completion of the divestment at Cassiopea 1-2-3 in Agrate Brianza, Italy, is subject to the customary conditions and is expected in the fourth quarter of this year. It consists of three interconnected buildings with a total lettable area of 11,503 square metres.
It will be divested to Finviar, and was independently valued at 11 million euros by JLL as at Jun 30, 2025. Its sale consideration price thus represents a 2.9 per cent premium.
Sert also completed the divestment of Arkonska Business Park in Poland as previously announced in July.
Simon Garing, chief executive officer of Sert’s manager, said: “The divestments of Agrate in Italy and Arkonska in Poland are consistent with Sert’s strategy to reduce exposure to non-core markets and B/C grade office assets.”
Since the beginning of 2022, Sert said it has executed 304 million euros of divestments of non-strategic assets at an aggregate premium of 12.3 per cent to their latest independent valuations
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He added that the divestments strengthened Sert’s weighting towards logistics, light industrial and data centres, as well as helped it maintain a gearing within the medium-term target range of 35 to 40 per cent.
Stapled securities of Sert closed 0.7 per cent or 0.01 euro down at 1.54 euros on Wednesday.
