The manager of Stoneweg European REIT (SERT) has announced the renewal of 27,000 square metres (sqm) of office leases across two office assets in the Netherlands and Poland, according to a filing dated Apr 24.
This comes just after the REIT welcomed its new sponsor, Stoneweg Icona Capital Platform (Stoneweg) in December. Stoneweg European REIT was previously known as Cromwell European REIT.
These renewals increase SERT's portfolio occupancy and extend its weighted average lease expiry of its office portfolio by almost six months to 5.3 years.
The first lease renewal is at Central Plaza in Rotterdam with Coolblue BV, a Dutch e-commerce company which specialises in consumer electronics, home appliances, and related services.
Coolblue BV has had its headquarters at Central Plaza since 2012 and is renewing its lease for 9,599 square metres of office space, along with storage and parking lots, for five and half years starting from July 2025.
The second lease renewal is at Green Office in Krakw, Poland, with Motorola Solution. Motorola Solutions has been a tenant at Green Office since 2011 and is extending its lease for 17,761 sqm of space for five years starting in August 2027 at market rent.
See also: FHT reports lower DPS for 1HFY2025
SERT's portfolio, valued at 2.2 billion, comprises 100+ predominantly freehold properties in or
close to major gateway cities in The Netherlands, Italy, France, Poland, Germany, Finland, Denmark, Slovakia, the Czech Republic and the United Kingdom.
The REIT has a mandate to invest, directly or indirectly, in income-producing commercial real estate assets across Europe with a minimum portfolio weighting of at least 75% to Western Europe and at least 75% to the light industrial / logistics and office sectors.
It has approximately 86% exposure to Western Europe and around 55% to the light industrial/logistics sector, with a medium-term goal of increasing SERT's exposure to this sector to at least a vast majority weighting at present.
Units in Stoneweg European REIT closed 2 cents lower or 0.935% down at $2.12 on Apr 24.
