Sert invests 50 million euros in data centre development fund AiOnX
The investment is done via a mandatory convertible loan, carrying a 7.25% annual cash coupon
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[SINGAPORE] Stoneweg Europe Stapled Trust (Sert) has invested 50 million euros (S$74.1 million) in AiOnX, its sponsor SWI Group’s data centre development fund.
This is done via a mandatory convertible loan (MCL).
The loan carries a 7.25 per cent annual cash coupon and is projected to provide an about 2 per cent uplift to distribution per share on a pro forma basis, said the managers of Sert on Thursday (Mar 26).
Its coupon is equivalent to about 3.6 million euros yearly, paid semi-annually and ranking senior to all common equity distributions by AiOnX.
The 50 million euro investment principal was funded with recent sales proceeds, available cash and unsecured debt facilities, noted Sert’s managers. In addition, there will be transaction costs of about 800,000 euros.
“The investment also offers meaningful long-term value, as the MCL converts into common equity in AiOnX at a significant discount,” said Simon Garing, chief executive of Sert’s managers.
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With this, Sert’s data centre allocation will rise from 5.2 per cent to about 7.2 per cent, and will bolster its medium-term objective of achieving a 15 to 25 per cent exposure to the sector.
This comes as Garing notes that demand for artificial intelligence (AI)-ready and cloud-enabled digital infrastructure is rising in Europe, with power availability still constrained and hyperscalers continuing to expand.
The convertible loan investment follows Sert’s initial 50 million euro common equity investment, announced in June 2025.
Stapled securities of Sert closed flat at 1.50 euros on Wednesday.
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