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Stoneweg European REIT (CWBU) investor relations material
Stoneweg European REIT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed transformation into a stapled trust, enhancing tax efficiency and strategic flexibility, with trading of stapled securities commencing on 16 June 2025.
Portfolio comprises 104 properties valued at €2.25 billion, 86% in Western Europe and Nordics, and 59% in logistics, light industrial, and data centers, with a diversified tenant base and 93% freehold assets.
€50 million invested in AiOnX data centre fund, delivering a 49.6%–50% valuation gain and €24.8 million fair value uplift.
Raised €500 million via a 6-year green bond, strengthening liquidity and extending debt maturity; €450 million notes redeemed.
Active capital recycling and asset management, including major lease renewals with up to 50% rent uplift, asset enhancements, and a unit buyback program.
Financial highlights
1H 2025 gross revenue up 1.1% year-over-year to €107.4 million; NPI up 2.2% to €66.9 million, driven by completed developments and reversal of bad debt provision.
Distribution per security (DPS) was 6.553 euro cents, 7% lower year-over-year, mainly due to higher interest costs from bond refinancing.
NAV per security increased by €0.07 to €2.05, with asset value growth for the third consecutive half-year.
Like-for-like portfolio valuations up 1.1% over six months, with logistics/light industrial NPI up 7.4% and office up 1%.
Total return attributable to securityholders surged 65.7% to €50.7 million, driven by fair value gains on AiOnX and investment properties.
Outlook and guidance
Focus on resilient, income-generating European real estate, with greater flexibility and wider investment scope post-stapling.
Targeting high occupancy, positive rent reversions, and disciplined capital management to keep net gearing within 35–40%.
Continue ESG initiatives aiming for zero carbon emissions by 2040 and maintain high sustainability ratings.
Macro outlook supported by upgraded Eurozone 2025 GDP growth forecast to 1.1% and expectations of at least one more ECB rate cut.
Limited near-term supply and lower debt costs position the group to offset headwinds from tariffs and economic uncertainty.
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