Stoneweg Europe Stapled Trust has divested an office in Warsaw for €22.5 million, or around $33.6 million, at a slight premium to its most recent valuation of €21.4 million.
Riverside Park is described as a multi-tenant office asset completed in 2005 with approximately 12,631 sqm of net lettable area. With this divestment, SERT's Polish exposure will be reduced to 6%, with three A-grade assets remaining, including Motorola’s Innovation hub.
Logistics, light industrial and data centres in its portfolio will increase to 60%, and Western Europe and the Nordics now represent over 90% of the portfolio.
"The divestment of Riverside Park forms part of SERT’s ongoing portfolio optimisation initiatives, consistent with our previously communicated strategy," says Simon Garing, CEO of the manager.
"Capital recycling continues to be a component of our disciplined investment approach. In line with our FY2025 outlook, proceeds will be directed towards opportunities aligned with SERT’s target sector weightings.
"Our strategic aim remains to increase exposure to logistics, light industrial and data centres to over 70% by 2027," he adds.
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SERT units closed at €1.50 on March 23, down 1.96%.
