• SERT is proposing to internalise its manager for €114mn, a 14% discount to independent valuation, creating a fully integrated European logistics and digital infrastructure platform with c.€3.2bn of AUM. The transaction will be funded by issuing 40mn stapled securities to sponsor SWI Group at €2.00 each (€80mn), representing a 33% premium to the last traded price of €1.50 and close to NAV of €2.02.
• The acquisition pricing is attractive at 7.1x P/EBIT based on the effective consideration of €94mn, below the independent valuer’s 10.1x multiple. The transaction is expected to be 5.9% DPS accretive, supported by c.€11mn in third-party asset management fees and the elimination of external management fees. Even excluding the third-party asset management contracts, the transaction is expected to remain 3.1% DPS accretive. Completion remains subject to regulatory and third-party consents, as well as securityholder approval at an EGM.
• Maintain BUY with an unchanged DDM-derived TP of €1.89. We are positive on the transaction given its immediate DPS accretion and potential to capture additional earnings from the integrated operating platform. Our forecasts are unchanged pending completion. Strategically, internalisation brings SERT’s pan-European logistics and light-industrial operating capabilities in-house, while strategic cooperation agreements preserve exclusive access to SWI Group’s European logistics and light-industrial opportunities and preferred access to its specialist data centre capabilities. This supports SERT’s ambition to increase its logistics and light-industrial exposure towards 70% of its portfolio, from 55.7% currently, while providing potential for further growth through data centre conversions and its stake in AiOnX.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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