SERT plans management internalisation for 5.9% pro forma FY2025 DPS uplift

The transaction is expected to create a platform with $4.7b (€3.2b) in assets under management.

Stoneweg Europe Stapled Trust (SERT) announced plans to bring its managers and pan-European logistics and light-industrial operating platform in-house, a move it expects will lift pro forma FY2025 distribution per security by 5.9%.

SERT projected that the transaction will create a platform managing $4.7b (€3.2b) of assets under management, including its existing $3.35b (€2.3b) portfolio and third-party asset management contracts totalling $1.19b (€820m)

The platform will involve 100 professionals across Europe and Singapore, the trust said.

It will also enter into two strategic cooperation agreements with SWI Group, providing exclusive logistics and light-industrial investment rights across Europe, as well as preferred access to the group’s specialist data-centre capabilities.

SERT said the proposed acquisition represents a 14.4% discount to the midpoint of a preliminary indicative enterprise value range based on an independent valuation, creating about $27.9m (€19.2m) in day-one value for securityholders.

SWI Group also plans to subscribe for 40 million new SERT securities at $2.91 (€2.00) each, representing a premium of about 33% to the trust's volume-weighted average trading price as of 24 September.

$1 = €0.69

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