Stoneweg Europe Stapled Trust proposes internalisation of managers
It will be done at a consideration of 94 million euros, excluding third-party co-investment stakes
The managers of Stoneweg Europe Stapled Trust (Sert) have proposed internalising the real estate investment trust’s manager, trustee-manager, and logistics and light industrial asset management platform for 94 million euros, excluding third-party co-investment stakes. This move aims to consolidate ownership of logistics and light industrial assets, as well as the management platform, within the Sert structure.
The consolidation will involve approximately 100 employees across 10 European jurisdictions and Singapore, who currently manage Sert's portfolio of 96 assets with over 1.6 million square metres of lettable area, and third-party asset management portfolios spanning 46 assets with around 618,000 square metres of lettable area. Additionally, the managers plan to acquire minority co-investment stakes in managed assets directly under Sert's ownership.
To fund the proposed internalisation, Sert managers intend to issue 40 million subscription stapled securities to relevant Stoneweg entities, raising gross proceeds of around 80 million euros. This, along with up to 34 million euros in cash payable by Sert upon final completion, and a potential additional 8.4 million euros for third-party co-investment stakes, will complete the financing.
The trust's managers requested a trading halt from 9 am to 12 pm on Monday, with the counter ending 3.2 per cent lower at S$2.10 on Friday. Trading is expected to resume at 1 pm on Monday.
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Also reported by 1 other outlet
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