Stenprop acquires Glasgow industrial estate

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

6 August 2020


Stenprop, the UK multi-let industrial (“MLI”) property company, announces that it has acquired St Andrews
Industrial Estate, a 73,248 sq ft MLI estate of nine high quality warehouse units near Glasgow City Centre. The
£5.5 million acquisition price reflects a net initial yield of 7.3% and a capital value of £75 per sq ft.

Located on the south side of Glasgow, the estate benefits from its proximity to the city centre as well as excellent
arterial connectivity, with both the M8 and M74 within 1.5 miles.

Of the nine modern industrial units, seven are currently occupied by a diverse range of tenants including storage,
trade counter and manufacturing uses, accounting for 85% of the gross lettable area and delivering a total annual
passing rent of £428,936, equating to an average rent of £5.85 per sq ft.

The acquisition marks a further step forward in the Company achieving its goal of becoming a 100% MLI business
by 2022 and is the Company’s third MLI acquisition to complete since the start of the Coronavirus pandemic.
Earlier this month, Stenprop completed the purchase of Bowthorpe Park Industrial Estate in Norwich, UK for £19.6
million, reflecting a net initial yield of 6.35%. As a result of these acquisitions, MLI assets now constitute 60%
of Stenprop's portfolio, based on asset values at 31 March 2020.^

Will Lutton, Head of Investment at Stenprop, commented:

“St Andrew’s Industrial Estate is the latest example of our ability to source attractive investment opportunities in
locations underpinned by favourable demand supply dynamics. Our knowledge of the Glasgow market coupled
with the vacancy provides a compelling opportunity to capture the estate’s reversionary potential and improve
the rental tone, leveraging our increasingly relevant and proprietary leasing platform,

“Current indications are that the strong occupational demand for urban warehouse space that we are seeing, led
by e-commerce penetration, is set to continue. This acquisition maintains our transactions momentum since the
Coronavirus pandemic and is another step forward in pivoting our entire portfolio towards the MLI sector.”

This announcement is voluntary and for information purposes only.

^The percentage of MLI assets within the portfolio is expected to rise to 62% following completion of the sale of
the Neucolln Carrée retail park in Berlin, which is expected to occur by no later than 15 January 2021.

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
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: 06-08-2020 08:00:00
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