Completion of disposal of Euston house in London for £95 million

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


14 March 2019

Further to the announcement made by the Company on 10 January 2019, Stenprop announces that the sale of its Euston House office building in
central London has now completed.

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 its non-MLI assets and utilise the sale proceeds to build a focused UK MLI business.

Paul Arenson, CEO of Stenprop commented: "This is a significant sale for Stenprop, as Euston House is a material asset representing more than
10% by value of our portfolio. Being our last remaining central London office investment, it completes our divestment from the sector. The sale
took place at a value of £95 million compared with the last reported independent valuation of £80.5 million, which was used to determine the
September interim NAV of 142 pence per share.

"It also ensures that Stenprop will meet its stated milestones for the financial year ending 31 March 2019 of reducing its loan-to-value ratio to
below 45% and increasing the overall MLI percentage of the portfolio to above 40%. Most significantly, the sale provides cash resources to fund
additional MLI purchases in the financial year ending 31 March 2020, during which period Stenprop intends to reduce leverage further to below
40% and to acquire further MLI property so that MLI represents at least 60% of our portfolio by 31 March 2020."

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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