Acquisition of multi-let industrial properties for £4.9 million
STENPROP LIMITED
(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
("Stenprop" or the "Company")
ACQUISITION OF MULTI-LET INDUSTRIAL PROPERTIES FOR £4.9 MILLION
26 September 2019
Stenprop, the UK multi-let industrial property company, has acquired eight fully-let industrial units at two estates in
Somerset and Cambridgeshire for an aggregate price of £4.9 million.
The acquisitions comprise units 6-9 at Dunball Industrial Estate in Bridgwater, Somerset, and units 1-4 Block B at St
Peter’s Industrial Park in Huntingdon, Cambridgeshire.
The four units at Dunball Industrial Estate were acquired from two private investors for £2 million, reflecting a net initial
yield of 7.1%. They total 26,465 sq ft and produce annual passing rent of £151,220, which equates to an average rent of
£5.71/sq ft. Stenprop now owns the entire Dunball estate, having acquired the other half in October 2018.
The four units at St Peter's Industrial Park were also acquired from a private investor for £2.9 million, reflecting a net
initial yield of 7.5%. They total 44,652 sq ft and produce annual passing rent of £230,585, which equates to an average
rent of £5.16/sq ft.
Will Lutton, Stenprop's Head of Investment, said: "These properties are strategically located in the dominant industrial
locations in their respective towns with good access to the national road network. We are especially pleased to have
acquired the rest of Dunball Industrial Estate, which enables us to realise significant marriage value, having acquired
the other half of the estate last year. These estates are well positioned to provide consistently high levels of occupancy
and sustainable rental growth through our Industrials operating platform".
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 these latest acquisitions, MLI assets account for 44.2% 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
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
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: 26/09/2019 08:00:00
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