SERT reports 1HFY2026 DPS of 6.642 Euro cents, considering measures to enhance value including potential internalisation

Teo Zheng Long08-12

SERT announced that its board and sponsor are evaluating strategic initiatives to enhance long-term securityholder value.Stoneweg Europe Stapled Trust (SERT) has reported a 1.4% y-o-y increase in its ...

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The manager explains that the lower NPI was due to asset divestments completed back in FY2025 as part of its portfolio optimisation strategy and the recent divestment of two assets.\nOn a like-for-like basis, NPI was up by 1.3% y-o-y. The increase was driven by the logistics and light industrial sector, which was up 2.7% y-o-y, led by its German and French portfolio, and the other sector, which increased 10.2% y-o-y, due to recovery of doubtful debt.\nHowever, this was partially offset by the office sector, down 0.9% y-o-y, due to weaker occupancy in Finland, Poland, and Paryseine (France).\nDistributable income increased by 0.3% y-o-y to 36.9 million, driven by income from the AiOnX data centre investments and strong logistics and light industrial NPI growth, partially offset from income lost from completed asset divestments and higher interest costs from increased borrowings.\nAs at June 30, net asset value (NAV) was 2.02 per stapled, stable on an adjusted-for-distribution basis.\n90% of SERT's interest rate exposure are hedged or fixed till late FY2027 while average all-in interest rate for 1HFY2026 was at 3.9%.\nNet gearing stood at 41.9% as at June 30, which was still below SERT's policy board limit. Weighted average debt maturity was at 5 years with no refinancing requirement till FY2030.\nOn the portfolio front, SERT's overall portfolio occupancy stood at 93.7% with weighted average lease expiry at 4.9 years. With data centre exposure at 7.2%, SERT targets to scale to 15-25% of its portfolio by FY2028.\n\"SERT's 1HFY2026 performance reflects the strength of our repositioned portfolio and the quality of our team's execution across the European platform,\" says Simon Garing, CEO of the manager.\nSERT's board currently expects FY2026 DPS to be broadly in line with FY2025 DPS, barring unforeseen circumstances and based on current market conditions and anticipated transaction timing.\nAt the same time, SERT announced that its board and sponsor are evaluating strategic initiatives to enhance long-term securityholder value, including a potential internalisation of the managers, fee alignment measures and governance enhancements. \nSERT's board believes these initiatives have the potential to further simply its operating model and strengthen sponsor alignment with all securityholders. SERT says that no definitive agreement has been reached, and any such arrangements will be subject to MAS and other regulatory and stapled securityholder approvals.\nUnits in SERT closed 0.1 Euro cent lower, or down 0.64% at 1.55 on Aug 12.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2659151960","isCrawlerRequest":true}