This sale "is consistent with our previously announced strategy to reduce exposure to non-core markets and B/C grade office assets, leaving SERT with four Polish office assets", says Simon Garing, CEO of the managers.
Stoneweg Europe Stapled Trust has divested a property in Poland for EUR7.8 million ($11.7 million), which is slightly below valuation. It has also completed the sale of another property in Italy. Proceeds will be used for working capital.
Arkońska Business Park is a two-building office in Gdańsk, Poland, with a total lettable area of 11,710 sqm. As at June 30, the property was independently valued at EUR7.96 million by Savills.
