CEO of the managers says the divestment is part of the trust’s ongoing portfolio optimisation initiatives
[SINGAPORE] The managers of Stoneweg Europe Stapled Trust (Sert) on Thursday (Jun 4) said that it has entered into a binding agreement for the divestment of Parc de Meslay in France for 5.7 million euros (S$8.5 million).
The divestment will be done through Parc Logistique, an indirect and wholly owned subsidiary of Stoneweg European Real Estate Investment Trust. The asset will be sold to France Plateformes, a subsidiary of the incumbent of the tenant’s group.
The sale completion is subject to clearance of municipality pre-emption rights, which expire in September, and other customary completion conditions expected to be fulfilled in the third quarter. Completion is targeted for October.
Simon Garing, CEO of the managers, said that the divestment is part of Sert’s ongoing portfolio optimisation initiatives and part of the announced 70 million euros worth of divestments that the trust is targeting for 2026.
Parc de Meslay is a cold warehouse, comprising about 5,613 square metres (sq m) of net area, including 195 sq m of office space and 5,418 sq m of refrigerated warehousing. It is fully leased to Immostef and is located in an established industrial area near other major occupiers.
The transaction was agreed at a 3.3 per cent premium to the latest independent valuation. Post-divestment, Sert’s portfolio weighting to logistics, light industrial and data centres remains above 61 per cent, while Western Europe and the Nordics now represent over 90 per cent of the portfolio.
The managers added that their strategic aim is to increase exposure to logistics, light industrial and data centres to more than 70 per cent by 2027. “Our dual-track Sert data centre development pipeline, including the conversion of a select number of Sert’s assets into data centres, is advancing through its planning and development phases, with further updates to follow in due course,” they said.
Net proceeds from the divestment will be used for reinvestment in opportunities “consistent with Sert’s strategy” and for general working capital purposes.
Stapled securities of Sert fell 0.6 per cent or 0.01 euro to close at 1.55 euros on Wednesday.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
