Stoneweg Europe Stapled Trust (SERT) has sold two non-core office buildings in Italy and Poland for a combined total of €22.8m.
Simon Garing, CEO of the manager of SERT, said the divestments were consistent with a previously announced strategy to reduce exposure to non-core markets and B/C grade office assets.
Garing said after the disposal, SERT would be left with four Polish office assets and lowered the trust’s exposure to Poland to 6.7%.
“Since the beginning of 2022, we have executed €292.3m divestments of non-strategic assets at a healthy €32.9m (12.7%) premium to the latest valuations, recycling capital into more value-enhancing strategies,” Garing said.
He added that proceeds from the divestments would support efforts to maintain net gearing within the 35-40% range over the medium term, and recycling capital into strategies accretive to NAV and/or distributions.”
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