Stoneweg Europe buys Dutch cold-chain hub at 8% discount to valuation

Company buys $51.7m cold-chain facility with 6% yield, tenant until 2034.

Singapore-listed Stoneweg Europe Stapled Trust (SERT) has completed the acquisition of a temperature‑controlled logistics facility in Waddinxveen, the Netherlands for approximately $51.7m (EUR35.0m), according to a filing by the trust’s managers.

The property at Transportweg 23‑25 is a freehold, modern logistics asset with 30,398 square metres of net lettable area, with approximately 90% of warehouse space and 10% office space.

It is fully leased to Combilo B.V., a long‑established fresh‑produce wholesaler, under an eight‑year triple‑net lease with two five‑year extension options.

The acquisition price was about 8% below the independent valuation and about 37% below estimated reinstatement cost, the managers said in the announcement.

The property is expected to deliver a net yield of 6.0% and was funded mainly from SERT’s existing cash resources, including proceeds from the divestment of the Maxima Rome site as part of a $586.56m (EUR400m) divestment programme.

The acquisition increases SERT’s exposure to logistics and light industrial assets in the Netherlands to 29.7%, and raises its overall logistics, light industrial, and data‑centre exposure to 60.5%. Western Europe and Nordics exposure now stands at 90.5%.

The logistics property is located in the A12 corridor with access to major Dutch cities and ports, including Rotterdam and The Hague.

The acquisition is not expected to have a material impact on SERT’s net tangible assets.