Acquisition of multi-let industrial estate

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


6 August 2018

Stenprop, the UK multi-let industrial property investor, has acquired the Lombard Centre, an industrial estate in Aberdeen, 
in an off-market transaction from Mayfair Capital for £3.25 million, which reflects a net initial yield of 8.15%.

The Lombard Centre is a modern estate, located next to Aberdeen International Airport. It comprises 10 units, totalling 
32,622 sq ft of industrial space and is let to six tenants, including Mitie, J&S Limited, and Pirtek. There is one vacant 

The weighted average unexpired lease term is 1.9 years to lease expiries and 1.7 years to lease breaks. The total annual 
passing rent of £280,902 equates to an average rent of £9.30/sq ft.

Julian Carey, Executive Property Director of Stenprop, said: "We have acquired another high-quality, purpose-built estate 
as part of our transition into a focused multi-let industrial company. The Lombard Centre is located adjacent to Aberdeen's 
international airport and heliport in a prime industrial area, with healthy industrial demand and limited supply. Many of 
the tenants are long standing on the estate and we look forward to working with them".

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 acquisition of the Lombard Centre, MLI assets account for 26.9% 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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