Stoneweg Europe Stapled Trust (SERT) has divested its entire portfolio of five logistic and light industrial properties in Slovakia for €71.4m.
The Singapore-listed trust disposed of the Slovakian assets by selling its shares in five Slovakian property companies.
Net proceeds will be used partly for the immediate repayment of SERT’s revolving debt facility, with the balance earmarked for a modest acquisition pipeline, other working capital requirements and any future security repurchase programme.
The disposal will reduce SERT’s exposure to Central Europe to 10.4%, down 3%.
Simon Garing, CEO and executive director at Stoneweg European REIT, said the Slovakian divestment marks the near completion of the firm’s €400m capital recycling programme.
Garing added: “By exiting smaller and less liquid Central European assets, we are sharpening SERT’s focus on core Western European markets with deeper liquidity and stronger tenant demand.
“Importantly, the proceeds strengthen SERT’s balance sheet – bringing gearing below 40% - and provide flexibility to reinvest in higher-value add investments that can help drive future growth.
“Since 2022, we’ve successfully divested €411m across 22 non-strategic assets at an 11% premium to valuations, including one additional office non-core asset to be divested imminently.”
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