Stoneweg Europe Stapled Trust evaluates management internalisation, posts 1.4% rise in H1 DPS to 0.06642 euro

[SINGAPORE] Stoneweg Europe Stapled Trust (Sert) is evaluating a potential internalisation of its managers, it announced on Thursday (Aug 13, alongside its financial results for the first half of the year.

Simon Garing, CEO of the trust’s managers, said that the managers are in discussions with SWI Group, the sponsor of Sert, regarding a range of initiatives aimed at enhancing long-term value for stapled securityholders.

“These discussions include various strategic, governance and organisational initiatives, such as possible changes to management arrangements, fee incentive frameworks and other measures designed to enhance alignment and long-term value creation, including internalisation, all subject to approvals,” noted Garing.

In the same release, Sert announced that its distribution per stapled security (DPS) rose by 1.4 per cent to 0.06642 euro for its H1 ended Jun 30, 2026, from 0.06553 euro in the year-ago period.

The increase was driven by income from its AiOnX data centre investments, and net property income (NPI) growth in its logistics and light industrial segments.

Revenue was down 2.2 per cent at 105.1 million euros (US$121.1 million) for the half-year period, from 107.4 million euros in the year before.

This was primarily due to completed asset divestments under its portfolio optimisation strategy.

“Capital released from these divestments has been actively recycled into higher-yielding assets, such as the acquisition of a Dutch logistics asset and the AiOnX mandatory convertible investment,” the managers said.

Overall NPI fell 2.3 per cent on the year to 65.4 million euros for the half year, from 66.9 million euros. On a like-for-like basis, NPI grew 1.3 per cent.

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Distributable income rose 0.3 per cent year on year to 36.9 million euros, from 36.7 million euros.

The distribution will be paid out on Sep 28.

Sert also reported an overall portfolio occupancy of 93.7 per cent as at end-June. Weighted average lease expiry remained stable at 4.9 years.

The managers said that, looking forward, they expect Western European logistics, light industrial and data centre assets to represent around 80 per cent or more of Sert’s portfolio exposure by 2028.

Stapled securities of Sert closed 0.6 per cent or 0.01 euro lower at 1.55 euros on Wednesday.