Acquisition of two multi-let industrial estates STENPROP LIMITED (Registered in Guernsey) (Registration number 64865) LSE share code: STP JSE share code: STP ISIN: GG00BFWMR296 (“Stenprop” or the “Company”) ACQUISITIONS OF TWO MULTI-LET INDUSTRIAL ESTATES 27 July 2018 Stenprop, the UK multi-let industrial property investor, has acquired two industrial estates in Southampton and Preston in separate transactions for a total of £7.45 million. In Southampton, Stenprop has acquired Trinity Court at Brunel Road, Totton, from Catalyst Capital for £3.9 million, which reflects a net initial yield of 6.6%. Trinity Court is located within Calmore Industrial Estate and comprises 12 units, totalling 36,790 sq ft. It is fully let and produces a total annual passing rent of £273,796, which equates to an average rent of £7.44/sq ft. In Preston, Stenprop has acquired Carnfield Place at Walton Summit in an off-market transaction from Dixon Group for £3.55 million, which reflects a net initial yield of 7.1%. Carnfield Place comprises eight units, totalling 59,505 sq ft. It is fully let and produces a total annual passing rent of £270,600, which equates to an average rent of £4.55/sq ft. Julian Carey, Executive Property Director of Stenprop, said: “Both estates were acquired at well below replacement cost. Trinity Court is located in a region with very strong demand-supply dynamics, where we currently have no exposure. It attracts a wide range of occupiers and provides an opportunity for future rental growth along with a number of active asset management opportunities. “Carnfield Place is a modern estate in a strong strategic location close to the motorway. The passing rents are low, given the high quality of the units, and the estate benefits from large yards and longstanding tenants”. Stenprop has taken the strategic decision that its objective to deliver sustainable, growing income to shareholders is best achieved by becoming a specialised UK multi-let industrial (MLI) property company. This strategic repositioning means that Stenprop intends, over the next few years, to sell all, or substantially all, of its non-MLI assets and utilise the sale proceeds to build a focused UK MLI business. Following the acquisitions of Trinity Court and Carnfield Place, MLI assets account for 26% of Stenprop’s portfolio. MLI assets are expected to comprise approximately 60% to 65% of Stenprop’s total portfolio of properties by 31 March 2020. This announcement is voluntary and for information purposes only. For further information: Stenprop Limited 44(0)20 7079 6600 Paul Arenson Patsy Watson Julian Carey Numis Securities Limited (Financial Adviser) 44(0)20 7260 1000 Hugh Jonathan Vicki Paine Tavistock (PR Adviser) 44(0)20 7920 3150 James Whitmore James Verstringhe Kirsty Allan Instinctif Partners (SA Investor Relations and PR Adviser) 27 (0)11 447 3030 Keagile Makgoba Java Capital Trustees and Sponsors Proprietary Limited 27 (0)11 722 3050 (JSE Sponsor) About Stenprop: Stenprop is a Guernsey-registered UK REIT. The objective of the Company is to deliver sustainable growing income to its investors. Stenprop’s investment policy is to invest in a diversified portfolio of UK multi-let industrial (MLI) properties with the strategic goal of becoming the leading MLI business in the UK. For further information, go to www.stenprop.com. Date: 27/07/2018 12:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.