SERT posts $37.4m gain in June
A key contributor to growth was SERT’s pivot toward the logistics and light industrial sector.
Stoneweg Europe Stapled Trust (SERT) has reported a rise in its real estate portfolio valuation to $3.38b (€2.25b) as of 30 June, reflecting a $37.37m (€24.9m) (+1.1%) like-for-like increase over six months.
This marks the third consecutive period of portfolio growth, as announced by its managers, Stoneweg EREIT Management and Stoneweg EBT Management.
CEO Simon Garing attributed the continued gains to “proactive leasing and asset management” as well as improving market conditions. He cited a 45% YoY jump in Q1 2025 European real estate transaction volumes, per JLL, as evidence of resurgent investor interest in the region.
A key contributor to growth was SERT’s pivot toward the logistics and light industrial sector, which now represents 56% of the portfolio. This segment alone recorded a $28.05m or €18.7m (+1.5%) valuation gain compared to December 2024 and $72.5m or €48.3m (+4.0%) from a year earlier. Initial yields for the sector held steady at 6%, with a higher reversionary yield of 6.8%.
SERT's office portfolio also showed signs of stabilisation, recording its first valuation increase this cycle: $357m or €5.4m (+0.6%).
A major 20-year lease renewal with NN Group NV at Haagse Poort, including a 28,000 sqm refurbishment for energy-efficient office space, exemplifies the trust’s asset enhancement strategy focused on ESG-led value creation.
The trust's proforma unaudited net asset value (NAV) per stapled security stands at approximately $3.00 or €2.00, whilst its traded price reflects a roughly 24% discount to NAV. Management reaffirmed their medium-term focus on growing both NAV and distribution sustainably.
SERT maintains a diversified, resilient, and largely freehold portfolio across more than 10 European countries, supported by over 1,000 leases and 800 tenants.