Stoneweg Europe Stapled Trust (SERT) told the REITs Symposium on May, 23 2026 that it is targeting distribution per security for FY 2026 broadly in line with FY 2025’s 13.39 euro cents (about 20.1 Singapore cents), equivalent to a forward yield of about 8.6 % at the current market price of €1.55.

SERT said its €2.2 billion portfolio (about 3.30 billion Singapore dollars) comprises 97 assets, 61 % of which are logistics, light-industrial and data-centre properties. Occupancy stood at 92.8 % as at Apr, 07 2026, with a weighted average lease expiry of 5.0 years and more than 750 tenant-customers. Western Europe and the Nordics account for 90 % of asset value, with the Netherlands (29.6 %), France (21.3 %) and Italy (16.4 %) the three largest markets.

First-quarter 2026 net property income rose 2.3 % year on year to €33.1 million (49.6 million Singapore dollars). Like-for-like net property income from the logistics and light-industrial segment increased 3.7 % over the same period. Rent reversions averaged +7.6 % for logistics and +3.9 % for the total portfolio during the quarter.

Net gearing was 42.7 % on a pro-forma basis after the agreed sale of the Riverside asset for €22.5 million (33.7 million Singapore dollars). Approximately 87 % of SERT’s debt is hedged or fixed until late 2027, with a first-quarter 2026 average all-in cost of debt of 3.84 %.

Management said €432 million (about 648 million Singapore dollars) of non-core disposals have been completed since 2022, with proceeds used for debt reduction, asset enhancements and security buy-backs. Year-to-date 2026, SERT has repurchased 2.1 million stapled securities for about €3.2 million (4.8 million Singapore dollars).

Growth will be driven by increasing exposure to data centres to 15 %–25 % of the portfolio by FY 2028. Two recent transactions illustrate the strategy: a €35 million (52.5 million Singapore dollars) acquisition of a temperature-controlled logistics facility in Waddinxveen, Netherlands at a 6.0 % net yield, and a €50 million (75.0 million Singapore dollars) mandatory convertible loan into the Sponsor-managed AiOnX data-centre development fund, which carries a 7.25 % coupon and has already been re-valued 41 % higher since SERT’s initial investment in Jun, 2025.

SERT reiterated its intention to keep net gearing near the upper end of its 35 %–40 % policy range while continuing selective divestments, asset enhancements and targeted security buy-backs to support distributions and net asset value.