Stoneweg Europe Stapled Trust (SET) said on Sep, 28 2026 that it will buy its external REIT manager, trustee-manager and pan-European logistics operating platform, bringing all functions in-house in a deal valued at about 167 million Singapore dollars, or an effective 138 million Singapore dollars after a pricing adjustment.

The move will combine SET’s existing 4.7 billion Singapore dollars of assets under management with third-party mandates, creating an integrated logistics and digital infrastructure vehicle overseeing roughly 100 professionals across Europe and Singapore.

An independent valuer placed a midpoint enterprise value of about 196 million Singapore dollars on the platform; the agreed headline price represents a 14.4 per cent discount, equating to roughly 28 million Singapore dollars of “day-one” value accretion for securityholders.

Funding will come from SWI Group’s subscription for 40 million new SET stapled securities at €2.00 each (about S$2.94), raising some 118 million Singapore dollars at a 33 per cent premium to the recent volume-weighted average price. SET will pay up to 50 million Singapore dollars in cash for the balance, with an additional 12 million Singapore dollars earmarked for minority co-investment stakes linked to third-party asset-management contracts.

On a pro forma basis, the internalisation is projected to lift financial year 2025 distribution per stapled security by 5.9 per cent to 14.18 euro cents, as all management and operating earnings will accrue directly to investors.

SET also signed two strategic cooperation agreements with SWI Group, securing exclusive logistics and light-industrial deal flow across Europe and preferred access to the sponsor’s data-centre platform.

Completion is subject to regulatory and securityholder approvals, with a circular to be issued in due course.