Stoneweg Europe Stapled Trust Announces Strategic €35 Million Acquisition of Prime Logistics Asset in the Netherlands

Key Highlights for Investors

• Acquisition Details: Stoneweg Europe Stapled Trust (SERT) has acquired a modern, freehold temperature-controlled logistics facility located at Transportweg 23-25, Waddinxveen, The Netherlands for approximately €35.0 million (S\$51.7 million). The purchase price is ~8.0% below the independent valuation of €38.0 million (JLL, as of 1 February 2026) and ~37.0% below estimated reinstatement cost of €55.8 million.
• Yield and Lease Profile: The asset delivers an attractive 6.0% net operating income (NOI) yield and is fully leased (100% occupancy) under a triple-net lease to Combilo B.V., a well-established Dutch fresh-produce wholesaler, with approximately eight years remaining and two five-year extension options. The lease includes annual indexation, ensuring resilient and accretive income streams.
• Funding and Capital Management: The acquisition is funded primarily from SERT’s strong cash position, including proceeds from the recent divestment of Maxima Rome. As at 31 December 2025, SERT held approximately €110.0 million in cash and cash equivalents, reflecting a disciplined approach to capital recycling and balance sheet strengthening.
• Strategic Portfolio Impact: This transaction increases SERT’s exposure to the Netherlands to 29.7%, boosts logistics/light industrial and data-centre exposure to 60.5%, and raises Western Europe and Nordics exposure to 90.5%. The investment aligns with SERT’s strategy to redeploy capital from non-income-producing assets into stabilised, long-WALE logistics facilities, supporting long-term distribution per share (DPS) growth.
• Prime Location and ESG Credentials: The property is situated in the Bleiswijk–Waddinxveen logistics zone, a core Dutch logistics hub with excellent motorway connectivity to major cities, ports, and airports. The facility was expanded and refurbished between 2018–2020, with solar panels added in 2022, and has achieved an EPC label of A+++++, reflecting high sustainability standards.
• Tenant Strength: Combilo B.V., the sole tenant, is a family-owned business with over 100 years of history, employing around 170 people and playing a key role in the international distribution of fruit and vegetables across Europe. Their sustainability focus and operational scale provide additional security for SERT’s income stream.

Market and Economic Context

• Dutch Economic Outlook: The Netherlands posted robust GDP growth of 1.9% in 2025, outpacing the Eurozone average, with forecasts for continued growth (1.5% in 2026, 1.3% in 2027). Inflation is moderating (1.8% expected in 2026) and unemployment remains low (3.9%), reinforcing the country’s AAA credit rating.
• Logistics Market Fundamentals: The Dutch logistics sector remains highly sought after, with persistent shortages of high-quality space and low vacancy rates (5.2% in 4Q 2025). Prime logistics rents are at record highs, especially in Rotterdam and Schiphol. Total logistics and industrial investment volume reached €2.8 billion in 2025, accounting for 22% of all Dutch real estate investments.
• Supply Constraints and Demand Drivers: Construction costs, grid connection challenges, and regulatory hurdles (e.g., “building freeze” from the nitrogen issue) limit new supply, supporting rent growth and asset values. Continued e-commerce penetration and strong occupier demand underpin sector resilience.

Financial and Shareholder Implications

• Accretive Acquisition: The transaction is expected to be accretive to SERT’s distributions and immediately cash-generative, as it transforms non-income-generating land into a stabilised, income-producing logistics asset.
• Disciplined Capital Recycling: The deal forms part of SERT’s €400 million completed divestment programme, demonstrating prudent capital management and a focus on strengthening the balance sheet.
• Non-Disclosable Transaction: While significant, the acquisition is classified as non-disclosable under Rule 1008 of the Singapore Listing Manual and is not anticipated to materially affect SERT’s net tangible assets. However, its positive strategic and financial impact could be price-sensitive and supportive of share value.

About Stoneweg Europe Stapled Trust

SERT is a growth-focused European logistics and data centre platform, with a portfolio of over 90 predominantly freehold properties valued at approximately €2.2 billion, spanning 1.6 million sqm across key European markets. The trust is managed by Stoneweg EREIT Management Pte. Ltd. and Stoneweg EBT Management Pte. Ltd., and is sponsored by SWI Group, a global investment conglomerate with €11 billion in assets under management.

SERT maintains a strategic focus on logistics, light industrial, and data centre assets, with a medium-term goal of increasing exposure to these resilient sectors. The trust’s robust and diversified income base is underpinned by long-term leases to over 700 tenant-customers, supporting sustainable distributions and value creation.

Potential Share Price Impact

• Newsworthy and Price Sensitive: The acquisition’s attractive pricing, immediate income accretion, improved portfolio quality, and disciplined capital management are all factors likely to support investor sentiment and could positively influence SERT’s share price. The transaction also underlines management’s execution capabilities and confidence in the logistics real estate market outlook.

Disclaimer

This article is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any securities. The value of investments may fall as well as rise, and past performance is not indicative of future results. Investors should conduct their own due diligence and consult their professional advisors before making any investment decision. The information contained herein is derived from public announcements and is not guaranteed for completeness or accuracy.

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