Acquisition of multi-let industrial estate STENPROP LIMITED (Registered in Guernsey) (Registration number 64865) LSE share code: STP JSE share code: STP ISIN: GG00BFWMR296 ("Stenprop" or the "Company") ACQUISITION OF MULTI-LET INDUSTRIAL ESTATE 12 March 2019 Stenprop, the UK multi-let industrial property company, has acquired Gainsborough Trading Estate, an industrial estate in Stourbridge, near Birmingham, in an off-market transaction from a private investor for £6.2 million, which reflects a net initial yield of 9.1%. Gainsborough Trading Estate in Rufford Road has 37 units, totalling 162,142 sq ft, of which just one is vacant. The total annual passing rent of £604,000, which includes income from solar panels installed on some of the units, equates to a low average rent of £3.17/sq ft. Julian Carey, Stenprop's Executive Property Director, said: "This acquisition increases our multi-let industrial portfolio to more than £250 million and around 4 million sq ft. This estate provides a mix of small industrial units of different ages and specifications in a strong location. We have long been fans of investing in and around Birmingham, and the excellent demand-supply dynamics in the area are clear to see from the excellent letting history at Gainsborough Trading Estate. We are excited about rolling our Industrials operating platform out in Stourbridge and hope to acquire more estates in the area on the back of it". Stenprop's strategic objective is to deliver sustainable, growing income to shareholders which 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 of its non-MLI assets and utilise the sale proceeds to build a focused UK MLI business. Following the acquisition of Gainsborough Trading Estate, MLI assets account for 41% of Stenprop's portfolio. MLI assets are expected to comprise approximately 60% 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 3918 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 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: 12/03/2019 09:00:00 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.