Stoneweg Europe Stapled Trust's NPI up 3%

Its logistics and light industrial assets drove its Q3 earnings growth.

Stoneweg Europe Stapled Trust (SERT) reported its net property income increased by 3% to $154m (€102.9m) in the first nine months of the year.

Over the same period, gross revenue grew 2% to $245m (€163.5m).

Its portfolio occupancy rose to 93.5% with rent reversion averaging 11.1% year to date.

Distributable income however declined 4.6% to $86m (€57.6m) due to higher financing costs but improved sequentially from the prior quarter.

The trust also completed a €300m green bond issuance and refinancing exercise, extending its debt maturity profile to 2030. SERT said logistics, light industrial, and data centre assets now make up close to 60% of its portfolio.

(1 EUR = 1.50 SGD)

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