Stoneweg E-Reit announces strategic stapling to form stapled trust

On completion of the proposed stapling, the stapled entity will be named ‘Stoneweg Europe Stapled Trust’ or Sert for short

The manager of Stoneweg European Real Estate Investment Trust (Stoneweg E-Reit) on Wednesday (Jun 4) announced that the Reit will be converted into a stapled group.

Each unit of Stoneweg E-Reit will be stapled to a unit in Stoneweg European Business Trust. It will then form a stapled security in an entity known as Stoneweg Europe Stapled Trust, following the approval of unitholders at a general meeting held on Apr 29.

The manager previously proposed on Apr 3 to convert the Reit into a stapled trust.

The stapled securities will be traded on the Singapore Exchange from Jun 16, 9 am, as Stoneweg E-Reit units will cease to trade on the bourse from Jun 13, 5 pm.

On completion of the proposed stapling, the stapled entity will be named “Stoneweg Europe Stapled Trust” or Sert for short.

The manager said unitholders should note that in their account statements, their unitholdings will be changed to Sert to reflect their stapled security holding.

Stoneweg E-Reit was previously known as Cromwell E-Reit. Its portfolio comprises logistics and office properties across Europe in countries such as the Netherlands, UK and Germany.

The counter ended Tuesday 1.3 per cent or 0.02 euros higher at 1.54 euros.

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