Trading update

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


6 August 2019

Stenprop, the UK multi-let industrial property company, today publishes a trading update for the period from 1 April 2019 
to 30 June 2019.

Continued leasing success and significant rental growth

Multi-let industrial (MLI) portfolio lettings:

-    We completed 29 new lettings and 17 lease renewals, totalling 152,784 sq ft, at average rental uplifts of 24% and
     16% respectively above the previous passing rent. The average rental incentive given across all new lettings and
     renewals was 1.92 months on a 4.09-year average term;
-    The average rent on the MLI portfolio is now £5.08/sq ft, which is 7.7% below the average estimated rental value
     of the portfolio of £5.50/sq ft;
-    The vacancy rate stands at 5.5% (excluding the space currently under refurbishment at Coningsby Park,
     Peterborough); and
-    The most significant transactions completed were a letting of 18,000 sq ft in Peterborough on a 10-year term with
     five months' rent free and a letting of 16,000 sq ft in Glasgow for a 10-year term with two months' rent free.

Non-MLI portfolio lettings:

-    We completed seven lettings, totalling 17,436 sq ft, which will provide total annual rent of £402,861. The average
     term on the new lettings was 7.5 years; and
-    The vacancy rate stands at 1.2%.

Non-MLI property disposals progressing well

-    We disposed of two small retail assets in the UK at Hemel Hempstead and Walsall for a combined sale price
     of £3.6 million, in line with the combined valuation at 31 March 2019; and
-    We now have only one remaining high street retail investment in the UK valued at £0.7 million, which is
     scheduled for sale before the end of the financial year.

Paul Arenson, CEO, said:

"Our MLI portfolio continues to deliver growth, with new rents consistently ahead of previous passing rents. Tenant
demand for MLI units across the UK continues to grow and supply remains constrained.

"During the quarter we made no new acquisitions. We continue to be disciplined in our approach and will only buy if
opportunities meet our defined acquisition and return criteria. We remain confident that suitable opportunities will
unfold over the coming months. The investment market has been more muted in the first half of the year, but we have
recently seen a noticeable increase in better-quality opportunities coming to market."
Stenprop is transitioning its portfolio from a diversified, pan-European investor into a focused UK MLI company, with
the aim of becoming the UK's leading MLI business. Stenprop has set out a transition plan which involves transitioning
the portfolio to at least 60% MLI and reducing overall leverage to a loan-to-value (LTV) ratio of no more than 40% by
March 2020.

At 30 June 2019 MLI comprised 42% of Stenprop's portfolio and Stenprop's LTV was 43.9%. When unrestricted cash is
added to this measure our overall LTV was 35.9% based on our 31 March 2019 valuations and exchange rates.

The financial information on which this trading updated is based has not been reviewed or reported on by the Company's 
external auditors.

For further information:

Stenprop Limited                                                44(0)20 3918 6600
Paul Arenson
Julian Carey
James Beaumont

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
Charlotte Dale

Java Capital                                                    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

Date: 06/08/2019 08:00:00
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