Acquisition of two multi-let industrial estates

(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
(“Stenprop” or the “Company”)


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

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

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