Stoneweg Europe Stapled Trust H2 DPS dips 3.1% to 0.06837 euro

Net property income rises 2.7% to 67.4 million euros

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Published Wed, Feb 25, 2026 · 08:09 AM

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Simon Garing, CEO of Sert's managers, says that the trust's momentum was driven by resilient tenant demand and positive operating fundamentals. PHOTO: SERT

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[SINGAPORE] Stoneweg Europe Stapled Trust’s (Sert) distribution per stapled security (DPS) for the second half ended Dec 31, 2025, fell 3.1 per cent to 0.06837 euro, from 0.07056 euro in the corresponding year-ago period.

H2 revenue increased to 107.2 million euros (S$159.9 million), up 0.5 per cent from 106.6 million euros in the same period in the previous year, said its managers on Wednesday (Feb 25).

Net property income (NPI) for the period was up 2.7 per cent on the year at 67.4 million euros, from 65.6 million euros.

Distributable income fell 4.1 per cent to 38 million euros, from 39.7 million euros.

Simon Garing, chief executive of the managers, said: “We continue to see good momentum across the board, especially in our Western European logistics portfolio, driven by resilient tenant demand and positive operating fundamentals.”

Full-year performance

For the full year, the group posted revenue of 214.6 million euros, up 0.8 per cent from 212.9 million euros in FY2024.

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NPI came in at 134.4 million euros, an increase of 2.5 per cent from 131.1 million euros.

DPS for FY2025 stood at 0.1339 euro, down 5.1 per cent from 0.14106 euro in the previous year.

Sert’s managers noted: “The Sert board expects FY2026 DPS to be broadly in line with (that in) FY2025, implying an approximate 8.1 per cent distribution yield at the current Sert security price.”

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Maxima is a building with a total lettable area of 16,689 sq m, and was completed in the late 1950s.

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Of the 85 million euros, 70.6 million euros will be initially drawn down to refinance an outstanding loan of Stoneweg E-Reit Lux Finco, an indirect wholly owned subsidiary of Stoneweg European Reit.

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Nove Mesto One Industrial Park III in Kocovce, Slovakia. Sert's manager says the stapled group's exit from the country aligns with the its investment strategy to divest 400 million euros of assets over the next two to three years.

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A UK logistics asset that is part of Stoneweg Europe Stapled Trust's portfolio. Demand from international institutional investors and banks for the notes had the order book peak at nearly one billion euros, marking about a 3.3 times oversubscription.

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Simon Garing, chief executive officer of Sert's managers, believes the impact of higher interest rates on the stapled group's distribution per unit has peaked, and is hopeful it can show dividend growth in 2026.

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It consists of three interconnected buildings with a total lettable area of 11,503 square metres.

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Kingsland 21 in the UK is part of Sert's portfolio. The stapled group’s lower DPS was “in line with market expectations” and a reflection of higher interest expenses in the current rate environment, says Simon Garing, CEO of its managers.

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Arkonska Business Park is a two-building office complex located in Gdansk, Poland, with a total lettable area of 11,710 square metres.

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It recorded a high leasing success rate in 2025, securing around 300,000 square metres in new and renewed leases at a “strong” 9.8 per cent rent reversion, the managers added.

Tenant retention for the office segment was 83.6 per cent for FY2025, and that for the logistics/light industrials segment stood at 48.2 per cent. The overall portfolio occupancy was 92.6 per cent as at Dec 31, thus providing a diversified income base that supports sustainable distributions.

Stapled securities of Sert rose 0.6 per cent or 0.01 euro to close at 1.67 euros on Tuesday.

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Stoneweg Europe Stapled Trust Financial results

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Stoneweg Europe Stapled Trust H2 DPS dips 3.1% to 0.06837 euro

Full-year performance

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