Singapore-listed Stoneweg European Stapled Trust (SERT) Trust has committed €50m to invest in the Stoneweg Icona European data-centre fund (IDC Fund).

SERT, formerly known as Cromwell European REIT, made the investment through a newly launched Stoneweg European Business Trust, and is expected to hold a stake of 4% to 8% in the IDC Fund, depending on the final quantum of investment made by the other investors.

The IDC portfolio comprises interests in four early-stage data centre development sites located in Ireland, Spain, Italy and Denmark.

According to valuer JLL, the estimated gross development cost for the 100% interest in all four projects is €29.5bn over the next 15 years, at current market values.

Simon Garing, CEO of the manager of SERT, said: “This investment should be viewed as a value-add, adjacent strategy that enhances the overall growth profile of SERT, while complementing the stability and income generation of our core logistics and light industrial portfolio.

“Importantly, exposure is ring-fenced to the fund investment itself, with no recourse to SERT’s broader balance sheet – ensuring a measured risk profile aligned with our long-term strategy.”

In parallel, Garing added SERT would collaborate with the sponsor to potentially take a larger and longer-term investment and introduce strategic diversification to an asset class global investors favour highly.

Max-Hervé George, chairman and co-CEO of SWI Group, said: “I am pleased that we are able to collaborate on such strategic opportunity as our first transaction since we became the sponsor of Stoneweg Europe Stapled Trust at the end of 2024.

“Our IDC platform drives the development of data centres in Europe’s most strategic locations. The combined strengths of Stoneweg and Icona under the SWI Group umbrella will provide further momentum to the long-term growth of Stoneweg Europe Stapled Trust.”

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