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.

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.