Stoneweg European REIT (SGX:SET) will divest its Arkonska Business Park for 7.8 million euros and has completed the 15 million euros divestment of Via della Fortezz in Florence, Italy, according to a Tuesday filing with the Singapore Exchange.
The divestment of the Arkonska Business Park is part of the company's strategy to reduce exposure to non-core markets.
The business park is a two-building office complex located in Poland with a total lettable area of 11,710 square meters. The divestment is expected to be completed in the second half of the year.
Proceeds from the divestment will be used towards reducing the REIT's revolving credit facility and for general working capital purposes.
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