Stoneweg Europe Stapled Trust (SET) reported on Nov, 06 2025 that net property income for the nine months ended Sep, 30 2025 (9M 2025) rose 3.0 % year on year to €102.9 million, while gross revenue increased 2.0 % to €163.5 million. Distributable income slipped 4.6 % to €57.6 million, mainly due to higher interest costs and earlier asset sales, though third-quarter distributable income grew 17.2 % quarter on quarter to €20.9 million.

Portfolio metrics remained firm, with overall occupancy up 110 basis points from the previous quarter to 93.5 % and like-for-like NPI expanding 5.3 % in 9M 2025. Rent reversion for the period averaged +11.1 %, supported by logistics/light industrial assets that achieved 9.0 % rent growth year to date and offices that recorded 12.5 %.

The trust completed a €300 million 7.3-year green bond at a 4.203 % yield in Oct 2025 and obtained a five-year green development loan for the Haagse Poort asset, lowering its weighted-average cost of debt to 3.88 %. As a result, SET now has no debt maturing until 2030. Fitch upgraded the trust’s unsecured notes and medium-term note programme to “BBB”, while S&P reaffirmed its “BBB-” rating with a stable outlook. Net gearing stood at 42.1 %, projected to ease to about 39.1 % after the completion of roughly €105 million of pending divestments under a €400 million asset-sale programme.

Management said the trust plans to resume selective, modest acquisitions in 2026, targeting more than 70 % portfolio exposure to logistics, light industrial and data-centre assets and over 90 % exposure to Western Europe. Upcoming net property income growth is expected to be driven by higher occupancy, positive rent reversions and scheduled asset enhancement initiatives.

A live virtual briefing on the 3Q 2025 results will be held on Nov, 06 2025 at 10:00 a.m. Singapore time.