Stoneweg Europe Stapled Trust (SERT) has entered into a final binding agreement to divest Cassiopea 1-2-3, a non-core office asset in Agrate Brianza, Italy, to Finviar S.r.l.
The trust will sell the asset for a consideration of EUR11.35 million ($17.2 million). The completion of the divestment is subject to the execution of the notarial deed and the customary fulfilment of issuance of a fire prevention certificate by the Italian Fire Brigade Command. The sale is expected to be completed in the fourth quarter of 2025.
The Italian asset consists of three interconnected buildings with a total lettable area of 11,503 sqm. It was independently valued at EUR11.03 million by JLL as at June 30. The sale consideration reflects a premium of 2.9% to its latest valuation as well as prevailing market conditions and “strategic prioritisation”.
According to SERT, it will use the net proceeds to reduce the revolving credit facility and, or for general working capital purposes.
At the same time, the REIT announced that the divestment of Arkońska Business Park in Poland has been completed for EUR7.8 million, with sale proceeds received on Sept 17. The divestment was first announced on July 29.
“The divestments of Agrate in Italy and Arkońska in Poland are consistent with SERT’s strategy to reduce exposure to non-core markets and B/C grade office assets,” says Simon Garing, CEO of the managers.
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He adds that the proceeds of SERT’s divestments so far — totalling some EUR303.7 million since the beginning of 2022 — have been redeployed into “higher-value strategies”, including SERT’s EUR50 million investment into the AiOnX data centre development fund.
“These divestments further strengthen SERT’s portfolio weighting towards logistics, light industrial and data centres, and support the managers’ efforts to maintain gearing within the medium-term target range of 35% – 40%,” says Garing.
Units in SERT closed 1 Euro cent lower or 0.65% down at EUR1.54. The REIT’s Singapore dollar (SGD)-denominated counter closed at $2.32, 3 cents lower or 1.28% down on Sept 17.
