Acquisition of multi-let industrial estate

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


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

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