Stoneweg Europe Stapled Trust has acquired a cold storage facility in the Netherlands for €35 million, or around $51.7 million.
Based on the acquisition price, Transportweg 23-25, as this asset is called, provides a net yield of 6%.
This marks SERT's first acquisition since 2022.
The asset, with 30,398 sqm of net lettable area, sits on a large freehold plot of 70,000 sqm. It is bought at a 8% discount to JLL's independent valuation and around 37% below the estimated reinstatement cost.
Sited at Transportweg 23-25 in Waddinxveen, the asset is fully leased to Combilo B.V., a leading fresh‑produce wholesaler with over 100 years of operating history.
The asset comes with eight‑year triple‑net lease remaining, with two five‑year extension options.
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With this acquisition, SERT's exposure to the Netherlands has reached 29.7%. In terms of asset mix, logistics/light industrial and data‑centre exposure will be 60.5%.
SERT plans to fund the acquisition partly with proceeds from recent divestments including that of Maxima Rome - part of its broader €400.0 million divestment programme to strengthen the balance sheet.
“Consistent with our FY2025 outlook, this transaction reflects our disciplined, opportunity‑led capital allocation and redeploying capital from non‑income‑producing assets into stabilised, long‑WALE logistics facilities that enhance income visibility and support long‑term DPS growth," says Simon Garing, CEO of the manager.
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"Transportweg 23–25 represents another step in repositioning SERT towards a more resilient, higher‑quality portfolio," he adds.
Stoneweg Europe Stapled Trust units traded at €1.56 as at 9.17 am.
