Stocks to watch: Stoneweg Europe Stapled Trust, Coliwoo

The following companies saw new developments that may affect trading of their securities on Friday (Dec 19):

Stoneweg Europe Stapled Trust (Sert): The managers of Sert on Friday said that it has entered into an agreement to divest a non-core office property in Italy – Via Amba Aradam Rome – for a consideration of 34 million euros (S$51.4 million). Simon Garing, chief executive officer of the managers, said an “office reconversion strategy” had been explored for the property previously. However, the asset delivered superior value as a hotel redevelopment, supported by its prime central Rome location. Stapled securities of Sert ended Thursday 0.6 per cent or 0.01 euro up at 1.61 euros.

Coliwoo: The co-living operator has entered into a sale and leaseback agreement with regard to Coliwoo PP, its subsidiary that manages Coliwoo Hotel Pasir Panjang, a premium co-living hotel property. It will dispose of its 80 per cent stake in Coliwoo PP while simultaneously entering into a leaseback arrangement that allows it to continue operating the hotel property. The group said this is part of its capital recycling strategy and move towards a more asset-light business model. Coliwoo shares closed on Thursday 1.8 per cent or S$0.01 lower at S$0.55, before the news.

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