Stoneweg Europe Stapled Trust (SERT) has announced the divestment of Arkońska Business Park in Gdańsk, Poland, for €7.8m (approximately S$11.7m), alongside the completion of a €15.0m (approximately S$22.5m) sale of a property in Florence, Italy. These moves align with SERT’s strategy to reduce exposure to non-core markets and B/C grade office assets.
The sale of Arkońska Business Park, a two-building office complex, is expected to be finalised in the second half of 2025, subject to the execution of the sale and purchase agreement and the issuance of a VAT ruling by the Polish tax authority. This transaction will reduce SERT’s exposure to Poland from 7.0% to 6.7% and increase its logistics and light industrial exposure to 56.1%.
Simon Garing, CEO of the Managers, highlighted the strategic nature of these divestments, stating: “Since the beginning of 2022, we have executed €292.3 million divestments of non-strategic assets at a healthy €32.9 million (12.7%) premium to the latest valuations, recycling capital into more value-enhancing strategies.”
The proceeds from these sales will be used to reduce SERT’s revolving credit facility and for general working capital purposes. The divestments are part of SERT’s proactive asset management strategy, which aims to enhance portfolio quality and maintain a conservative capital structure.
These transactions underscore SERT’s commitment to optimising its portfolio and capitalising on strategic opportunities in the European commercial real estate market.
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