Stocks to watch: Stoneweg Europe Stapled Trust, Coliwoo

[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (Dec 19):

Stoneweg Europe Stapled Trust (Sert) : The managers of Sert on Friday said that it has entered into an agreement to divest a non-core office property in Italy – Via Amba Aradam Rome – for a consideration of 34 million euros (S$51.4 million). Simon Garing, chief executive officer of the managers, said an “office reconversion strategy” had been explored for the property previously. However, the asset delivered superior value as a hotel redevelopment, supported by its prime central Rome location. Stapled securities of Sert ended Thursday 0.6 per cent or 0.01 euro up at 1.61 euros.

Coliwoo : The co-living operator has entered into a sale-and-leaseback deal to dispose of a co-living hotel property in Pasir Panjang, it said on Thursday. It will sell its 80 per cent stake in its subsidiary Coliwoo PP, which owns and manages Coliwoo Hotel Pasir Panjang, for S$43.9 million, while entering into a leaseback arrangement to continue operating the property. The transaction is part of Coliwoo’s capital recycling strategy and move towards a more asset-light business model. The counter closed 1.8 per cent or S$0.01 lower at S$0.55, before the news.