This sale "is consistent with our previously announced strategy to reduce exposure to non-core markets and B/C grade office assets, leaving SERT with four Polish office assets", says Simon Garing, CEO of the managers.
With this divestment, SERT’s exposure to Poland will drop from 7% to 6.7% while its logistics and light industrial exposure will reach 56.1% from 55.9%.
Separately, Stoneweg has completed the sale of Via della Fortezza, 8 in Florence for EUR15.0 million. The sale was first announced last December.
SERT maintains that it remains a long-term investor in European commercial real estate, and that selected divestments are consistent with its proactive asset management strategy.
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Since the start of 2022, SERT has divested "non-strategic" assets worth EUR292.3 million at a EUR32.9 million premium to the latest valuations.
The capital has been recycled into more value-enhancing strategies, such as its recent EUR50 million investment into the AiOnX Data centre development fund.
SERT says its pro forma indicative NAV as of June of EUR2.01 per stapled security, a 21% discount to its July 28 closing price of EUR1.59. a 21% discount to NAV.
