Stoneweg Europe Stapled Trust (SERT) has secured a €50m green development loan to fund the major redevelopment of Haagse Poort, its largest asset in The Hague, Netherlands. The loan, arranged by ING Bank N.V., spans five years and aligns with the Green Loan Principles, supporting SERT’s sustainability strategy.
The loan will bolster SERT’s capital structure and provide long-term funding for the Haagse Poort project. The redevelopment aims to reposition the property as a high-quality, energy-efficient office asset. The loan is secured by customary security over Haagse Poort and related assets, ensuring compliance with market terms.
Simon Garing, Executive Director and CEO of Stoneweg EREIT Management Pte. Ltd., stated that the facility is part of the Managers’ strategy of proactive capital and asset management. The agreement includes a duty of care arrangement with ING Bank, allowing the bank to ensure continuity of property management services in case of default.
SERT, listed on the Singapore Exchange, focuses on investing in income-producing commercial real estate across Europe, with a significant emphasis on Western Europe. The trust’s portfolio, valued at €2.3 billion, includes over 100 properties in major European cities.
The new loan facility not only supports the redevelopment of Haagse Poort but also strengthens SERT’s commitment to sustainable and efficient asset management, aligning with its broader environmental, social, and governance (ESG) goals.
“`
