🚀 1-Min Stock Rundown

📌 Stoneweg Europe Stapled Trust - Re-shaping for Growth & Yield Resilience

🏗️ Portfolio reset in motion
SERT executed or agreed divestments of non-core offices, including Cassiopea 1-2-3 in Italy for €11.35m (completion targeted 4Q25) and completed the €7.8m sale of Arkońska Business Park in Poland.

Management frames these as part of a multi-year rotation out of B/C-grade offices to reinforce logistics, light industrial and data centre exposure while supporting a 35–40% medium-term gearing target.

📊 Solid 1H25 operating lift despite higher rates
Like-for-like NPI rose 4.9% with +11.9% rent reversion, helping NAV per stapled security rise 3.5% to €2.05. DPS for 1H25 was 6.553 Euro cents (-7% YoY), in line with expectations as higher interest costs offset NPI gains.

🔌 Strategic data centre optionality
A €50m early entry into AiOnX (the Sponsor’s European hyperscale DC development fund) was marked at €74.8m as at 30 Jun 2025, implying a 49.6% uplift and immediate NAV accretion.

The fund spans five sites across Denmark, Ireland, Italy, Spain and the UK with 1.45GW power secured/reserved, positioning SERT to participate in Europe’s AI-driven compute build-out.

💸 Balance sheet: term out, headroom intact
Following a €500m six-year green bond issued in Jan 2025, there are no maturities until late-2026; interest cover stood at 3.2x. Net gearing was 41.8% in 1H25 with an expectation to dip below 40% post announced/advanced divestments; undrawn RCF liquidity adds further flexibility.

🏬 Leasing momentum and occupancy
Portfolio occupancy improved to 92.4% by 2Q25 with office WALE extended to 5.1 years, matching logistics.

Notable wins included a 20-year, 26,039 sqm lease with NN Group at Haagse Poort (+~50% rent uplift) and broad-based rent reversions across sectors (+15.5% in 2Q25).

🌍 Competitive landscape - where SERT fits
Among SGX names with European exposure, IREIT Global concentrates on Continental office/retail (€859.8m portfolio; c.89.5% occupancy), while Elite UK REIT is UK-only and largely government-leased, emphasising income stability.

Frasers Logistics & Commercial Trust offers a broader APAC/Europe industrial-commercial mix. SERT differentiates via a diversified Western Europe footprint plus an aligned DC development sleeve, offering both cashflow from core assets and NAV upside potential from data centre optionality.

💹 Market context & trading snapshot
SERT trades on SGX in EUR (SET) and SGD (SEB). Recent quotes show SEB around S$2.30 with typical daily liquidity, offering investors a listed gateway to European logistics/light-industrial, offices under active repositioning, and emerging data centre exposure.

📈 Conclusion
A cleaner, more future-proofed portfolio, improving leasing metrics and data-centre-linked NAV torque make this one to watch for investors seeking diversified Europe real assets with capital-discipline and optional growth drivers.

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