Stoneweg E-Reit divests non-core office asset in Poland for 7.8 million euros
The asset is a two-building office complex located in Gdansk, Poland, with a total lettable area of 11,710 square metres. As at Jun 30, the property was independently valued by Savills, as commissioned by the managers, and by Perpetual Asia – in its capacity as trustee of Sert.
On Tuesday morning, the company said that net proceeds from the divestment will be applied towards reducing the revolving credit facility and/or for general working capital purposes of the trust.
Simon Garing, chief executive of the managers, said that this divestment is consistent with the Reit's strategy to reduce exposure to non-core markets and B/C grade office assets, said Simon Garing. The move will leave Sert with four Polish office assets.
The sale is expected to be completed in the second half of this year, subject to satisfaction of preceding conditions such as execution of the sale and purchase agreement, and the customary fulfilment of the issuance of a value-added tax ruling by the relevant Polish tax authority.
The transaction also lowers Sert's exposure to Poland to 6.7 per cent from 7 per cent previously and increases the logistics or light industrial exposure of Sert to 56.1 per cent from 55.9 per cent.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
2 days ago
- Straits Times
Hungary government to draw up plans to protect jobs after US-EU trade deal
Sign up now: Get ST's newsletters delivered to your inbox BUDAPEST - Hungary's government will draw up plans to protect the country's jobs and manufacturing after the trade deal between the United States and the European Union, Prime Minister Viktor Orban told public radio on Friday. The U.S. and the EU announced a trade agreement on Sunday setting a 15% tariff on the bloc's exports to the United States. The levy includes cars, a mainstay of central European exports, which previously incurred a tariff of 2.5%. Orban said Hungary's total exports to the United States were worth some $11 billion a year. "We have to draw up two action plans, one is an action plan to protect jobs, to make sure that foreign companies working in Hungary do not react by laying off people. Or, if they do, we need to offer those people jobs immediately," Orban said. The second plan was needed to make sure no manufacturing plants were shut down as a result of the tariffs, said Orban, who has struggled to revive Hungary's economy from the EU's worst inflationary surge following Russia's 2022 invasion of Ukraine. Orban, who faces what political analysts say will be a closely-fought election next year, sharply criticised European Commission President Ursula von der Leyen on Monday for what he said was a poorly negotiated deal. Hungary's government has not published an estimate about the tariffs' impact on growth, although the economy ministry slashed its 2025 economic growth forecast to 1% on Tuesday from the 2.5% it expected at the start of the year. Top stories Swipe. Select. Stay informed. Tech Reporting advanced suspected cyber attacks will provide a defence framework: Shanmugam World Trump modifies reciprocal tariffs ahead of deadline; rate on Singapore likely to remain at 10% Business Singapore's US tariff rate stays at 10%, but the Republic is not out of the woods yet Singapore NUS launches S'pore's first nursing practice doctorate to meet evolving healthcare needs Singapore Data breach involving 147,000 Cycle & Carriage Singapore customer records under probe Business CAD probing Tokenize Xchange operator; firm's director charged with fraudulent trading Singapore PM Wong to deliver National Day message on Aug 8 Singapore Man charged over kicking woman's face in Teck Whye Lane flat, leading to her death Concordia, Romania's largest employers' association, has estimated the tariffs could shave up to 0.2% off the country's growth while the Czech finance ministry said tariffs would slow expansion there by 0.2 percentage points for the remainder of the year. For neighbouring Slovakia, whose share of goods' exports as a percentage of national output is the highest in the EU, Societe Generale economists have estimated the tariff impact at 0.87% of gross domestic product. Polish Prime Minister Donald Tusk said Poland, the EU's largest economy outside the euro zone, could lose around 8 billion zlotys ($2.14 billion) due to the new U.S. import tariffs. REUTERS
Business Times
5 days ago
- Business Times
Stoneweg Europe Stapled Trust divests non-core office asset in Poland for 7.8 million euros
[SINGAPORE] The trustee-manager of Stoneweg European Business Trust – a part of Stoneweg Europe Stapled Trust (Sert) – announced on Tuesday (Jul 29) that it will be selling Arkonska Business Park for a consideration of 7.8 million euros (S$11.6 million). The asset is a two-building office complex located in Gdansk, Poland, with a total lettable area of 11,710 square metres. As at Jun 30, the property was independently valued by Savills, as commissioned by the managers, and by Perpetual Asia – in its capacity as trustee of Sert. On Tuesday morning, the company said that net proceeds from the divestment will be applied towards reducing the revolving credit facility and/or for general working capital purposes of the trust. Simon Garing, chief executive of the managers, said that this divestment is consistent with the Reit's strategy to reduce exposure to non-core markets and B/C grade office assets, said Simon Garing. The move will leave Sert with four Polish office assets. The sale is expected to be completed in the second half of this year, subject to satisfaction of preceding conditions such as execution of the sale and purchase agreement, and the customary fulfilment of the issuance of a value-added tax ruling by the relevant Polish tax authority. The transaction also lowers Sert's exposure to Poland to 6.7 per cent from 7 per cent previously and increases the logistics or light industrial exposure of Sert to 56.1 per cent from 55.9 per cent. Meanwhile, the trust also noted that the divestment of Via della Fortezza, 8 in Florence, Italy, for 15 million euros, which was first announced on Dec 20, 2024 , has been completed, with funds received on Jul 4. The counter closed Monday 1.9 per cent or 0.03 euros higher at 1.59 euros before the news.
Business Times
5 days ago
- Business Times
Stoneweg E-Reit divests non-core office asset in Poland for 7.8 million euros
[SINGAPORE] The trustee-manager of Stoneweg European Business Trust – a part of Stoneweg Europe Stapled Trust (Sert) – announced on Tuesday (Jul 29) that it will be selling Arkonska Business Park for a consideration of 7.8 million euros (S$11.6 million). The asset is a two-building office complex located in Gdansk, Poland, with a total lettable area of 11,710 square metres. As at Jun 30, the property was independently valued by Savills, as commissioned by the managers, and by Perpetual Asia – in its capacity as trustee of Sert. On Tuesday morning, the company said that net proceeds from the divestment will be applied towards reducing the revolving credit facility and/or for general working capital purposes of the trust. Simon Garing, chief executive of the managers, said that this divestment is consistent with the Reit's strategy to reduce exposure to non-core markets and B/C grade office assets, said Simon Garing. The move will leave Sert with four Polish office assets. The sale is expected to be completed in the second half of this year, subject to satisfaction of preceding conditions such as execution of the sale and purchase agreement, and the customary fulfilment of the issuance of a value-added tax ruling by the relevant Polish tax authority. The transaction also lowers Sert's exposure to Poland to 6.7 per cent from 7 per cent previously and increases the logistics or light industrial exposure of Sert to 56.1 per cent from 55.9 per cent.
