Stoneweg E-Reit proposes internalisation of Reit manager
It will be done at a consideration of 94 million euros, excluding third-party co-investment stakes
Stoneweg E-Reit (Sert) announced on September 28 that it plans to internalise its Reit manager and logistics and light industrial asset management platform. The proposal will be valued at 94 million euros, not including third-party co-investment stakes. This move aims to consolidate about 100 employees from 10 European locations and Singapore under the Sert structure, managing a portfolio of 96 assets with over 1.6 million square metres of lettable area and third-party assets amounting to 46 properties with approximately 618,000 square metres of lettable area.
Additionally, the internalisation involves the acquisition of minority co-investment stakes in managed assets directly owned by Sert. To fund this initiative, Sert's manager proposed issuing 40 million subscription stapled securities to relevant Stoneweg entities, which could raise around 80 million euros. Trading for Sert's counter was halted from 9 am to 12 pm on Monday, and it closed 3.2% lower at S$2.10 on Friday. Trading is expected to resume at 1 pm on Monday.
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