Latham Advises SWI Group on €3.2 Billion SERT Internalization

Latham & Watkins has advised SWI Group (the sponsor of Stoneweg Europe Stapled Trust (SERT)) on the internalization of SERT's REIT Manager (Stoneweg EREIT Management Pte. Ltd.), the BT Trustee-Manager (Stoneweg EBT Management Pte. Ltd.), and the pan-European logistics and light-industrial operating platform that manages both SERT's assets and selected third-party asset management contracts. The proposed internalization represents a landmark transaction. 

Following completion, SERT will combine recurring property income from its REIT portfolio, earnings from its asset management platform, and future growth opportunities through its business trust and digital infrastructure strategy. This transaction will create a platform managing c. €3.2 billion of AUM, including SERT’s existing €2.3 billion portfolio and third-party asset management contracts totaling €820 million.

The proposed internalization and strategic cooperation agreements are subject to regulatory approvals, securityholders' approval at an extraordinary general meeting, and other customary closing conditions.

The Latham team was led by Singapore corporate partner Farhana Sharmeen and Paris corporate partner Benjamin de Blegiers, with Singapore corporate associates Cher Lin Chin, Jonathan Wah, Anders Seah, and Andrew Li, finance associate Aakash Sardana, London associate William Farr, Milan associates Marco Martino and Lorenzo Marinelli, Paris associates Alexandre Namoun and Manvel Arutunyan, and Düsseldorf associate Jaschar Mirkhani. Advice was provided on tax matters by London partner Simon Skinner, with associate Sam Duncan.