(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: STP.BH JSE share code: STP
ISIN: BMG8465Y1093
(?Stenprop? or ?the company?)


Shareholders are referred to the previous announcements relating to the disposal by Stenprop of its office building located in
Pilgrim Street, London, the last of which was released on SENS and the BSX website on 7 December 2017, and are advised that the
disposal completed on 11 January 2018, releasing cash proceeds of #42.1 million (after sales costs and repayment of external

As previously advised, completion of such a significant transaction, at above book value, is a very positive and substantial step
towards the fulfilment of the Stenprop strategy of becoming a specialist, focused UK multi-let industrial company.

Shareholders are also advised that the company has taken further steps towards the fulfilment of its multi-let industrial strategy,
by acquiring three more multi-let industrial estates (?the acquisitions?) and by securing a new #50 million revolving credit facility
from Investec Bank PLC to fund further acquisitions in the sector while it executes its sales programme for the non-multi-let
industrial assets in its portfolio.

Terms of the acquisitions

In three separate transactions concluded in December 2017, Stenprop acquired Souterhead Industrial Estate in Aberdeen from
M&G Real Estate, Venture Park in Peterborough from Catalyst Capital and Coningsby Park in Peterborough from Thomas Cook for
an aggregate price of #13.5 million

The three estates comprise 63 purpose-built, multi-let industrial units. Together the estates total more than 360,000 sq ft, which
increases the size of Stenprop?s multi-let industrial portfolio to 2.36 million sq ft, which now represents almost 20% of the
company?s total portfolio.

Southend Industrial Estate and Venture Park are well-let, income producing estates in strong markets, with the prospect of strong
rental growth over time through active asset management.

Coningsby Park, Peterborough, originally built as a multi-let industrial estate before being fitted out as a call centre by Thomas
Cook, provides an opportunity for more potential upside. The Peterborough multi-let market has low vacancies (sub 3%) and
encouraging tenant demand. The Coningsby Park estate is being acquired for a purchase price largely reflecting vacant value. This
gives the company the opportunity to reposition the estate (at an additional cost of approximately #4.5 million) to its former multi-
let use and bring it back to market for letting. Once fully let, the estate is anticipated to be substantially yield enhancing.

Stenprop believes all three estates fit squarely within its multi-let industrial strategy and allow it to make use of the specialist skills
and expertise within its asset management platform to add additional value for shareholders.

The acquisitions are not categorisable for JSE Listings Requirement purposes.

The revolving credit facility

Stenprop remains committed to its strategy of transitioning into a focused specialist in the UK multi-let industrial sector and of
reducing debt levels. In order to achieve this, the company has identified #460 million of assets to sell over the next two years
(including the now completed Pilgrim Street disposal) and has a target to acquire at least #220 million of multi-let industrial assets
from those proceeds, with the balance of equity realised being used to reduce debt levels to a targeted loan-to-value ratio of less
than 40%. Based on this programme, the company expects UK multi-let industrial assets to comprise the majority of its total
portfolio by the end of 2019

To facilitate this, Stenprop has secured a revolving credit facility of #50 million from Investec Bank PLC. This facility means that
Stenprop does not need to wait for sales of assets to complete in order to fund multi-let industrial purchases and will assist in
reducing (or potentially eliminating) the cash drag that may otherwise result during the transition process.

15 January 2018

JSE sponsor
Java Capital

Bermuda Stock Exchange sponsor
Estera Securities (Bermuda) Limited