Sert buys logistics property in the Netherlands for 35 million euros

[SINGAPORE] The managers of Stoneweg Europe Stapled Trust (Sert) on Monday (Mar 16) announced the acquisition of a freehold logistics property in the Netherlands for 35 million euros (S$51.7 million).

Transportweg 23-25 in Waddinxveen, the Netherlands, was purchased off-market from Aseli Waddinxveen at an 8 per cent discount to a JLL independent valuation. The price was about 37 per cent below estimated reinstatement cost, said Simon Garing, the chief executive officer of Sert’s managers.

The buy marked the first property acquisition for the stapled group since 2022, with the temperature-controlled facility fully leased to Combilo, one of the Netherlands’ leading fresh‑produce wholesalers. The managers also noted that the acquisition is not expected to have any material effect on Sert’s net tangible assets.

Based on the acquisition price, Transportweg 23-25 provides a net yield of 6 per cent, said the managers. The total purchase cost for the property was estimated to be about 39.1 million euros.

Garing added that its eight‑year triple‑net lease, with two five‑year extension options, offers “strong income visibility”.

The acquisition also increases Sert’s exposure to the Netherlands to 29.7 per cent, its logistics/light industrial and data‑centre exposure to 60.5 per cent, and lifts its Western Europe and Nordics exposure to 90.5 per cent.

The purchase was funded primarily from recycled capital, including proceeds from Sert’s Maxima Rome divestment in December as part of the stapled group’s completed 400 million euro divestment programme, added Garing.

The property has 30,398 square metres (sq m) of net lettable area, with a nine-to-one warehouse-office split, and sits on a freehold plot of 70,000 sq m.

The corridor it is located at serves one of Europe’s most densely populated and economically active regions, and is a key hub for food distribution, greenhouse horticulture and national retail logistics, said the managers.

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The Netherlands is one of the most sought-after European logistics hubs for occupiers and investors alike, added the managers, citing Savills data. The data also indicated that “there continues to be a persistent shortage of high-quality logistics space in key hot spots, despite the national stock reaching over 49 million sq m” by the end of 2025.

Stapled securities of Sert fell 1.3 per cent to close 0.02 euro lower at 1.56 euros on Friday.