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Tuesday, March 31st, 2026

Stoneweg Europe Stapled Trust (SERT) 2025 Update: Buy Rating, High Yield & Growth Potential in European REITs

Broker Name: OCBC Investment Research
Date of Report: 6 November 2025


Excerpt from OCBC Investment Research report.

Report Summary

  • Stoneweg Europe Stapled Trust (SERT) is a Singapore-listed REIT focusing on European commercial real estate, with a 55% tilt towards logistics and industrial assets and 45% in offices.
  • The trust reported 9M25 distributable income of EUR57.6m (down 4.6% YoY), but this surpassed expectations; portfolio occupancy improved to 93.5% and rental reversions were strong at +11.1%.
  • Gross revenue and net property income for 9M25 grew slightly YoY, and capital management remains robust with aggregate leverage stable at 43.2% and no significant debt due until 2030 following a green bond issuance.
  • The broker raised its fair value estimate for SERT to EUR1.87 and maintains a BUY rating, citing attractive valuation, income resiliency, and potential for long-term growth as Europe’s macro outlook stabilizes.
  • SERT’s sponsor, Stoneweg, is focused on value-add opportunities and has aligned interests with unitholders; the trust is not being used as a recycling platform for mature assets.
  • ESG initiatives include a net zero operational carbon emission target by 2040 and a large number of green building certificates, despite a recent ESG rating downgrade due to employee benefit concerns.
  • Potential catalysts include synergies with the new sponsor and accretive acquisitions; risks include slower European growth and higher redevelopment costs.
  • Key financials: FY24 revenue EUR212.9m, NPI margin ~62%, distribution yield ~9%; SERT is trading at a significant discount to NAV.

above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC Investment Research website : https://www.ocbc.com/personal-banking/investments/research.html

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