Stoneweg Europe Stapled Trust refinances, extends 85 million euro facility agreement

[SINGAPORE] The manager of Stoneweg Europe Stapled Trust (Sert) on Thursday (Dec 18) announced that it has refinanced and extended an 85 million euro unsecured facility.

As part of its balance sheet optimisation programme, this strengthens the Sert’s debt maturity profile and liquidity position, said its manager. Sert is a stapled group comprising Stoneweg European Real Estate Investment Trust (E-Reit) and Stoneweg European Business Trust.

Stoneweg E-Reit Lux Finco, an indirect wholly owned subsidiary of Stoneweg E-Reit, on Tuesday entered an agreement to amend an restate an existing facility agreement dated Nov 12, 2019. This is to extend the agreement’s termination date and introduce credit rating features in relation to the calculation of the facility margin.

Previously, the facility agreement was amended and restated on Mar 8, 2023, and further amended on Sep 13, 2024, and Jan 15, 2025.

The amended and restated term loan facility agreement is for an aggregate amount of 85 million euros, of which 70.6 million euros will be initially drawn down to refinance an outstanding loan of Stoneweg E-Reit Lux Finco.

Pursuant to an accordion increase option, the facility may be increased to up to 185 million euros, the manager said. Its proceeds will go towards general corporate funding purposes, including the refinancing of the 70.6 million euro loan.

Units of Sert ended Wednesday 0.4 per cent or S$0.01 lower at S$2.41.