Latest news with #Sert
Business Times
01-06-2025
- Business
- Business Times
Stoneweg European Reit outperforms global peers in sustainability rankings: report
[SINGAPORE] Mainboard-listed Stoneweg European Real Estate Investment Trust (Sert) bagged an above-average overall score and a four-star rating in a widely recognised environmental, social and governance (ESG) benchmarking framework for property investment. The trust's manager announced the release of its 2024 sustainability report last Thursday (May 29). The report details its progress across key ESG metrics with two years of externally assured performance data from 2023 and 2024. This marks Sert's seventh consecutive year of participating in the GRESB Real Estate Assessment, with GRESB seen as the global standard for listed property companies, private funds, developers and direct real estate investors. The benchmark covers 15 sectors across 80 markets, with a 15 per cent increase in participation from Asia. Last year, 2,223 participants submitted ESG data through GRESB, representing US$7 trillion in gross asset value. Despite methodology changes that bumped down many participants' scores, the trust retained its four-star rating and secured an overall score that is 9 per cent above the global average, said the more than 100-page report. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up The trust earned full marks in the performance aspects of targets as well as data monitoring and review, but did the worst in the areas of waste (50.2), water (59.4) and energy (62.6). Under the five management categories, Sert received a perfect score in leadership, policies, reporting and stakeholder engagement, but lagged in risk management (86.8). Said the manager's chief executive officer and executive director Simon Garing: 'ESG is no longer a nice-to-have. It is part of how we access capital, attract tenants, meet regulatory expectations and build long-term value.' He added that the manager's ambition for net zero operational carbon emissions by 2040 guides its investments, management and engagement. 'Multiple years of comparable portfolio environmental data give us better insight, and with our ESG automated artificial intelligence-powered system Deepki roll-out fully implemented, we're accelerating progress in planning and implementing consumption and emissions reduction solutions,' concluded Garing. Other environmental achievements listed in the report include a 25.3 per cent decrease in waste intensity since 2019; a 24.9 per cent drop in absolute greenhouse gas emissions intensity since 2019; an 11 per cent fall in absolute water intensity year-on-year in 2024; as well as a 3.9 per cent dip in absolute energy intensity since 2019. Under the social/stakeholders arm, each employee in 2024 received some 22.6 training hours, exceeding its set target of 20 hours. Around 36 per cent of its employees are female. In 2023, women represented 25 per cent of executive management and 50 per cent of senior management. On the governance front, Sert maintained a clean compliance record and remained in the top 10 of the Singapore Governance and Transparency Index for the fifth consecutive year. The trust also maintained its A- rating in the 2024 GRESB Public Disclosure Assessment, bagging a perfect score and ranking first out of five in its mixed office/industrial peer group, said the report. The release noted that the trust's manager raised 500 million euros (S$732.6 million) via a senior unsecured green bond issued under Sert's green financing framework in 2024. The transaction was more than four times oversubscribed and attracted over 100 institutional investors, it added. Sert's manager will continue to focus on the fundamentals of managing risk, supporting tenant needs, enhancing asset performance and acting responsibly on climate and govenrance, said the report. Sert currently has about 86 per cent exposure to Western Europe and about 56 per cent to the light industrial/logistics sector, where it has a medium-term goal of increasing exposure to at least a vast majority weighting. The trust's portfolio is valued at 2.2 billion euros and comprises more than 100 predominantly freehold properties in or close to major gateway cities in the Netherlands, Italy, France, Poland, Germany, Finland, Denmark, Slovakia, Czech Republic and the United Kingdom. Sert's portfolio spans a total lettable area of around 1.7 million sq m, and serves more than 800 tenant-customers. Its manager is part of SWI Group, an alternative investment platform specialising in real estate, data centres, credit and the financial sectors.
AsiaOne
16-05-2025
- Business
- AsiaOne
Singapore close to concluding negotiations with Asean partners for upgraded free trade agreement: DPM Gan, Singapore News
Deputy Prime Minister Gan Kim Yong said that Asean economic ministers are committed to deepening their partnership and will soon conclude negotiations for an upgrade to Asean Trade in Goods Agreement (ATIGA). At a media doorstop on Friday (May 16), DPM Gan, chairman of the Singapore Economic Resilience Taskforce (Sert), provided an update on the taskforce's focus areas, reiterating its three-pronged approach to help businesses and workers cope with the current uncertainty caused by sweeping tariffs imposed by the United States. He highlighted the importance of strengthening Singapore's partnership with key trading partners, particularly within Asean, to bolster the economy. While Singapore and its trading partners may face heightened tariffs from the US, it has stepped up collaboration with Asean and is close to completing negotiations for ATIGA by the end of this month, he said. ATIGA is a free trade agreement (FTA) started in 2009 between Asean members that aims to reduce trade barriers and deepen economic links between member states. Over 90 per cent of goods within ATIGA are tariff-free at the moment, and the upgrade aims to increase the number of products in the FTA, according to DPM Gan. "We try to push the boundary a bit further every time when we do an upgrade," he said. He also mentioned that ATIGA is working to reduce non-tariff barriers to facilitate trade, citing an example of standardising customs clearance forms so that processes can be streamlined and made more efficient. "I think this signals Asean members' commitment to deepen our integration and to strengthen our cooperation among our members," he added. The Deputy Prime Minister also mentioned that Asean members are engaging with organisations such as the European Union and the Gulf Cooperation Council to explore greater trading opportunities. "I think this will allow us to open up more markets for our exports, and at the same time, to also open up more sources of supply to strengthen our supply chain resilience," he said. Concessions on sectoral tariffs Singapore is currently in talks with the US regarding concessions for sectoral tariffs, or targeting products within defined sectors such as pharmaceuticals, which are currently exempted from tariffs. Based on discussions with US Treasury Secretary Scott Bessent, the US is unlikely to back down on the 10 per cent baseline tariffs. Instead, it has extended a "significant opportunity" to discuss "some form of concession for Singapore to have an official preferential tariff, even to the extent of zero tariff for pharmaceutical exports to the US", said DPM Gan. He also mentioned potential sectoral tariffs on semiconductors which the US is "happy to discuss with Singapore", though details are currently unavailable. "It's going to be a long engagement and consultation and negotiation with the US and Singapore before they're able to share more details," he said, adding that updates will be provided when available. [[nid:716746]]
Business Times
16-05-2025
- Business
- Business Times
Singapore not revising GDP outlook even if US-China talks are ‘encouraging': DPM Gan
[SINGAPORE] Despite the US tariff pause and ongoing talks on pharmaceutical rates, Singapore is not further revising its growth projection for now, amid heightened global uncertainty, Deputy Prime Minister Gan Kim Yong said on Friday (May 16). 'The fact that the US and China are at the discussion table is encouraging, but it's too early to tell what the outcome will be, and the uncertainty remains,' he said at a doorstop at the Singapore Economic Resilience Taskforce (Sert), which he chairs. So while the talks are encouraging, Singapore must 'exercise caution', he added. Singapore downgraded its full-year growth outlook to 0 to 2 per cent last month, from an earlier projection of 1 to 3 per cent. The task force was set up shortly after US President Donald Trump unleashed his 'Liberation Day' tariffs on Apr 2, with a 10 per cent baseline duty and higher reciprocal tariffs for some countries. A week later, a 90-day pause was introduced for the latter. DPM Gan, who is also trade and industry minister, noted that tariff uncertainty is causing businesses to hold back on investment and hiring decisions. 'The slowdown in investment will also result in the slowdown of the global economy and domestic economy,' he said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up US tariffs on China imports were cranked up to 145 per cent at their peak, then slashed to 30 per cent for a 90-day period, following a May 14 meeting between Trump and Chinese President Xi Jinping in Geneva. DPM Gan noted that some companies may be front-loading exports during this 90-day window, leading to a short-term boost. Singapore's non-oil domestic exports surged 12.4 per cent in April, Enterprise Singapore data showed on Friday. Yet this is 'really no consolation', said DPM Gan, as it merely represents 'advance sales', and exports and production will eventually slow down. Negotiations with the US DPM Gan also gave an update on Singapore's negotiations with the US, which are centred on sectoral tariffs – chiefly for pharmaceutical exports, though the US has also indicated plans for semiconductor tariffs. The US has offered to discuss 'some form of concession for Singapore to have an official preferential tariff, even to the extent of zero tariff, for pharmaceutical exports to the US', he said. In exchange, Singapore may have to ensure 'a smoother flow of goods' and the 'security of supply chains', he added. He did not give details, citing the confidential nature of the discussions. This is a 'significant opportunity' as pharmaceuticals remain a key part of Singapore's exports to the US – but the negotiations are likely to be a 'fairly long journey' due to the high level of details involved, he warned. There are also discussions on semiconductors, but 'the details are not available yet', he added. 'They are happy to discuss with Singapore how we can ensure continued supply, and the reverse is also important – that they are also keen to see how they continue to supply Singapore with semiconductor technology so that we will support our digital economy or semiconductor industries.' Support measures for businesses DPM Gan gave an overview of Sert's three key areas of work: information, engaging businesses and longer-term strategy. The task force has been speaking to both multinational corporations and smaller companies to prepare them for the tariff impact and learn how to better support them. DPM Gan said the task force has started working on potential support measures that can be rolled out 'when the situation warrants it'. These include enhancements to schemes in Budget 2025, such as the Market Readiness Assistance Grant for going overseas; financing schemes with local banks; and job creation efforts. Asked what the tipping point for such a roll-out would be, the minister said there is no specific index being watched, but the task force is monitoring 'the overall development of the global situation, as well as the domestic and economic situation'. There may be both broad-based measures to help the economy as a whole, and 'very targeted measures' for affected sectors, he added. For example, some companies that export directly to the US could see orders slowing down, and may thus need more capital since payments may be dragged out. New task force members? With a Cabinet reshuffle imminent after the May 3 general election, DPM Gan did not rule out the possibility that the line-up of the task force could change. 'We may need to make some adjustments to the membership, because the membership is taken from ministers with a specific portfolio,' he said. Besides DPM Gan, the task force comprises four other ministers and three tripartite representatives – one each from the Singapore Business Federation, the National Trades Union Congress and the Singapore National Employers Federation.
Business Times
25-04-2025
- Business
- Business Times
Stoneweg European Reit secures lease renewals with Motorola and Coolblue
[SINGAPORE] Stoneweg European Reit (Sert) has renewed two major leases across two office assets involving tenants Motorola Solutions and Coolblue BV, the Reit's manager announced on Thursday (Apr 24). The leases span about 27,000 square meters (sq m) in the Netherlands and Poland. The global public safety and enterprise security firm Motorola Solutions extended its lease at the Green Office in Krakow, Poland, by another five years from August 2027, said the Reit's manager. Covering 17,761 sq m of space, the site houses Motorola's research and development for artificial intelligence and telecommunications facility, as well as its data centre facility. The Green Office in Krakow, which has housed Motorola since 2011, was acquired by Sert in July 2019. The manager said that the Dutch e-commerce firm Coolblue signed a new 5.5-year lease beginning July 2025 for its headquarters at Central Plaza in Rotterdam, the Netherlands. Coolblue has occupied the site since 2012, which also houses tenants such as KPMG and Holland Casino. Sert's manager noted that office rental prices in Rotterdam, where Central Plaza is located, are significantly cheaper than in Amsterdam, making the location attractive to both startups and larger multinationals. However, it noted that rental costs have grown since 2022 by 34 per cent. Meanwhile, office rentals in Krakow, where the Green Office is situated, fall far below that of Poland's capital Warsaw and some cities in Western Europe, the manager said. The city is known for attracting multinational corporations in the information technology and business services sector. Sert's manager said that the renewals will extend the weighted average lease expiry of the Reit's office portfolio by almost six months, reaching 5.3 years. The manager also said that the Reit's office portfolio occupancy rates have steadied at around 90 per cent in the last two years, with an 85 per cent retention rate achieved in 2024. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The two lease renewals are valued at about 5.5 million euros (S$8.2 million) in combined annual rent, in line with their previous passing rental levels. Sert said the leases were secured at market rates. Even so, the Reit manager said that independent assessments have estimated that the office portfolio is still around 9 per cent under-rented, suggesting further rental uplift potential for the portfolio. 'Tenant-customers continue to be selective in their office space demand, prioritising quality and good locations as working arrangements post-pandemic firm up,' the manager said. 'Sert will continue to invest in targeted asset enhancement initiatives to further future-proof the office portfolio, while partnering with our tenant-customers to help them achieve their sustainability and employee engagement goals.'
