Stoneweg Europe Stapled Trust (“SERT”, formerly Cromwell European REIT and renamed as Stoneweg European REIT following the change in Sponsor) is a stapled group comprising Stoneweg European Real Estate Investment Trust and Stoneweg European Business Trust. SERT has a principal mandate to invest, directly or indirectly, in income-producing commercial real estate assets across Europe with a minimum portfolio weighting of at least 75% to the logistics / light industrial / data centre and office sectors. At present, SERT has approximately 86% exposure to Western Europe, while its portfolio is 59% weighted to the logistics / light industrial / data centre sectors, with a medium-term goal of increasing this exposure to a vast majority weighting. Additionally, SERT undertakes asset enhancement initiatives and redevelopment projects for existing assets, with a focus on strong ESG credentials in prime and core locations within key European gateway cities. SERT’s portfolio, valued at €2.3 billion, comprises 100+ predominantly freehold properties in or close to major gateway cities in The Netherlands, France, Italy, Germany, Poland, Denmark, the Czech Republic, Slovakia, the United Kingdom and Finland. The portfolio spans a total lettable area of approximately 1.7 million sqm and serves more than 800 tenant-customers. SERT is listed on the Singapore Exchange Limited and is managed by Stoneweg EREIT Management Pte. Ltd. and Stoneweg EBT Management Pte. Ltd. (The “Managers”). SERT’s sponsor is SWI Group, comprising Stoneweg, Icona Capital, its subsidiaries and associates. SWI Group holds a substantial 28% stapled securities in SERT and the Managers and Property Manager of SERT are wholly owned by SWI Group, its subsidiaries, and associates.
Metrics to compare | STON | Sector Sector - Average of metrics from a broad group of related Real Estate sector companies | Relationship RelationshipSTONPeersSector | |
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P/E Ratio | 26.0x | 8.1x | 8.9x | |
PEG Ratio | 0.18 | 0.14 | 0.01 | |
Price/Book | 0.7x | 0.8x | 0.9x | |
Price / LTM Sales | 4.1x | 5.3x | 4.0x | |
Upside (Analyst Target) | - | 9.6% | 11.1% | |
Fair Value Upside | Unlock | −1.5% | −0.5% | Unlock |