Stenprop Limited Acquisition of multi-let industrial properties (6850N)
26 Settembre 2019 - 8:00AM
UK Regulatory
TIDMSTP
RNS Number : 6850N
Stenprop Limited
26 September 2019
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 GBP4.9
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 GBP4.9
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 GBP2 million, reflecting a net initial
yield of 7.1%. They total 26,465 sq ft and produce annual passing
rent of GBP151,220, which equates to an average rent of GBP5.71/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 GBP2.9 million, reflecting a net
initial yield of 7.5%. They total 44,652 sq ft and produce annual
passing rent of GBP230,585, which equates to an average rent of
GBP5.16/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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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