Stoneweg E-Reit proposes internalisation of Reit manager
It will be done at a consideration of 94 million euros, excluding third-party co-investment stakes
[SINGAPORE] The manager of Stoneweg E-Reit (Sert) on Monday (Sep 28) said it has proposed the internalisation of the Reit manager, the business trust’s trustee-manager, and the logistics and light industrial asset management and property management platform.
It will be done at a consideration of 94 million euros (US$107 million), excluding third-party co-investment stakes, the manager added.
This is so that the ownership of both the logistics and light industrial assets, and the logistics and light industrial management platform, is within the Sert structure.
The move consolidates about 100 employees across 10 European jurisdictions and Singapore, who already manage Sert’s portfolio spanning 96 assets with more than 1.6 million square metres (sq m) of lettable area, and third-party asset management portfolios spanning 46 assets with around 618,000 sq m of lettable area.
It also involves the acquisition of minority co-investment stakes in managed assets directly under Sert’s ownership.
As part of the funding of the proposed internalisation, the manager of Sert proposed to issue 40 million subscription stapled securities to relevant Stoneweg entities, to raise gross proceeds of around 80 million euros.
The trust’s manager requested for a trading halt prior to market open on Monday from 9 am to 12 pm. The counter ended 3.2 per cent or S$0.07 lower at S$2.10 on Friday.
It is expected to resume trading at 1 pm on Monday.
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