Acquisition of four warehouse units

(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP  JSE share code: STP

7 July 2020


Represents first acquisition during Covid-19 pandemic

Stenprop, the UK multi-let industrial (“MLI”) property company, announces that it has acquired a further
43,500 sq ft of MLI property across four adjoining warehouse units in Stretton Business Park, in Burton upon Trent,
Staffordshire. The £3.75 million acquisition reflects a net initial yield of 6.9% and a capital value of £86 per sq ft.
The acquisition marks a further step forward in the Company achieving its goal of achieving a c.100% focus on the
MLI sector by 2022 and is the Company’s first acquisition to complete since the start of the Coronavirus pandemic.

Stretton Business Park is a modern and well-located industrial estate in close proximity to Stenprop’s existing
holdings in Burton upon Trent, Albion Gateway and Sovereign Business Park. The four modern units are fully
occupied on leases delivering a total annual passing rent of £278,000, equating to an average rent of
£6.39 per sq ft.

Will Lutton, Head of Investment at Stenprop, commented:

“Despite the challenging macroeconomic backdrop, the outlook for the multi-let industrial sector in the UK
remains strong and we continue to be encouraged by the levels of demand for space across our portfolio, most
notably through our leasing platform.

“The sector is underpinned by a number of prevalent structural trends, led by e-commerce penetration, which
have accelerated considerably as a result of Covid-19 lockdown. The income profile of these assets perfectly fits
our strategy to grow contracted rent and is supported by the favourable local market dynamics. This acquisition
is another step forward in our goal of transitioning our entire portfolio into MLI. We were close to acquiring this
property prior to the Coronavirus outbreak in March 2020 and are pleased to have completed the acquisition on
renegotiated terms three months later.”

This announcement is voluntary and for information purposes only.

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

FTI Consulting (PR Adviser)                                          44 (0)20 3727 1000
Dido Laurimore
Richard Sunderland
Richard Gotla
Neel Bose

Java Capital Trustees and Sponsors Proprietary Limited               27 (0)11 722 3050
(JSE Sponsor)

About Stenprop:
Stenprop is a UK REIT listed on the LSE and the JSE. 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: 07-07-2020 08:00:00
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