SGX-listed Stoneweg Europe Stapled Trust (SERT) has announced robust financial results for the first half of 2025, ending 30 June. The trust reported a 4.9% increase in like-for-like net property income (NPI) and an 11.9% rent reversion, leading to a 3.5% uplift in net asset value (NAV) to €2.05 per stapled security. This performance is attributed to major leasing activities and strategic investments.
SERT’s financial position remains strong, with no debt maturing until the end of 2026, following a successful €500 million green bond issuance in January 2025. The trust’s interest coverage ratio stands at 3.2 times, reflecting its robust financial health. Additionally, SERT has made a €50 million early investment into AiOnX, a data centre development initiative, securing 1.45GW of power across five strategic locations.
Despite a 7% year-on-year decrease in distribution per stapled security (DPS) to 6.553 Euro cents, the decline aligns with market expectations and is primarily due to increased interest expenses. The trust’s CEO, Simon Garing, expressed confidence in SERT’s portfolio, stating, “SERT’s portfolio performance and valuation momentum reinforce our confidence in the strength and resilience of our assets.”
The trust’s portfolio, valued at €2.25 billion, comprises 104 properties across key European cities, with a focus on logistics, light industrial, and data centre sectors. SERT aims to enhance its portfolio through asset management and strategic investments, ensuring sustainable returns amidst geopolitical and economic uncertainties.
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