Stoneweg European REIT has commenced its share buyback programme funded from its recent asset sales. On March 21, the REIT announced that it acquired 50,000 units from the market for EUR71,798.38 ($103,969.44) or EUR1.43 to EUR1.44 apiece.
The mandate was approved by the REIT’s unitholders at its FY2023 annual general meeting on April 30, 2024.
According to the REIT manager, the move to buy its units back “underscores [its] confidence in Stoneweg European REIT’s fundamentals”.
“It also reflects the trust in Stoneweg European REIT’s robust portfolio and balance sheet following a highly productive year, reaffirming the focus on long-term value creation,” adds the statement released on March 21.
After the purchase, Stoneweg European REIT has 562.3 million units in issue.
As at 10.53am, units in Stoneweg European REIT are trading 2 Euro cents higher or 1.4% up at EUR1.45. The REIT’s Singapore dollar (SGD) counter is trading 1 cent higher or 0.48% up at $2.11.
