Completion of disposal of Euston house in London for £95 million STENPROP LIMITED (Registered in Guernsey) (Registration number 64865) LSE share code: STP JSE share code: STP ISIN: GG00BFWMR296 ("Stenprop" or the "Company") COMPLETION OF DISPOSAL OF EUSTON HOUSE IN LONDON FOR £95 MILLION 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 www.stenprop.com. Date: 14/03/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.