Managers of Stoneweg Europe Stapled Trust (SGX: SET) have proposed the internalization of the REIT manager, the business trust trustee-manager, and the sponsor's European property management platform to create a fully independent structure.
The primary purchase consideration of 114 million euros will be funded via up to 34 million euros in cash and the issuance of 40 million new stapled securities at 2 euros each to sponsor SWI Group, according to a Singapore bourse filing.
An additional 8.4 million euros in cash will be paid to acquire related co-investment and minority real estate interests. The consolidation will integrate about 100 employees across 10 European jurisdictions and Singapore.
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