SERT portfolio value inches up 1% to $3.23b in FY2025

Logistics assets drive gains as securities trade near 20% NAV discount.

Stoneweg Europe Stapled Trust (SERT) increased the independently valued size of its real estate portfolio by 1.0% to 3.23b (€2.16b) as at 31 December 2025, extending valuation growth for a fourth consecutive half-year, according to a filing.

The portfolio uplift of $32.0m (€21.3m) from June 2025 came primarily from logistics and light industrial assets, which recorded a 2.1% like-for-like valuation increase to $1.82b (€1.21b). The segment accounted for 56% of total portfolio value, compared with 42% for office assets.

Office valuations declined 0.4% over the six-month period toS$1.35b (€899.3m), reflecting mixed market conditions. Overall portfolio initial yield stood at 6.2% at end-December, whilst reversionary yield reached 7.6%.

Despite the higher valuation, SERT’s stapled securities traded at an implied distribution yield of about 8.0% and an estimated 20% discount to its pro forma unaudited net asset value of $3.02 (€2.01) per stapled security as at September 2025.

The manager said pro forma net gearing was projected at 38.3% at 31 December 2025, with no debt maturities until 2030. It added that it repurchased 6.3 million stapled securities during the period for $14.4m (€9.6m).

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