Stenprop Limited Acquisition of multi-let industrial estates (3096Q)
18 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMSTP
RNS Number : 3096Q
Stenprop Limited
18 October 2019
STENPROP LIMITED
(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
("Stenprop")
ACQUISITION OF MULTI-LET INDUSTRIAL ESTATES FOR GBP7.1
MILLION
18 October 2019
Stenprop, the UK multi-let industrial property company, has
acquired two industrial estates in Glasgow and Wolverhampton in
separate transactions for GBP7.1 million.
Western Campus at Strathclyde Business Park, Bellshill, Glasgow,
has been acquired from Central Assets LLP for GBP4.6 million, which
reflects a net initial yield of 6.8%, and Merryhills Enterprise
Park in Wolverhampton has been acquired from two private investors
for GBP2.5 million, reflecting a net initial yield of 6.7%.
Western Campus, which was built in 2016, totals 44,234 sq ft
across 15 industrial units and is currently 75% let. The total
annual passing rent of GBP333,454, which includes rental guarantees
on the two of the three vacant units, equates to a rent of
GBP7.98/sq ft. Stenprop was advised by Colliers and Central Assets
LLP by Ryden.
Merryhills Enterprise Park totals 37,617 sq ft, comprising
32,337 sq ft of industrial accommodation in 14 units and 5,280 sq
ft of office accommodation in one building with six self-contained
suites. The estate is currently 91% let and the total annual
passing rent of GBP179,150 equates to a rent of GBP4.98/sq ft on
the industrial space and GBP7.28/sq ft on the office space.
Stenprop was advised by Ereira Mendoza and the vendors by Towler
Shaw Roberts.
Julian Carey, Stenprop's Executive Property Director, said:
"Both Western Campus and Merryhills Enterprise Park are modern,
purpose-built industrial estates located in densely-populated areas
with strong demand-supply characteristics. We believe both provide
an excellent opportunity to add value and grow income using our
Industrials operating platform by delivering an excellent customer
experience and leasing the vacant space".
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 the acquisitions, MLI assets account for 44.9% of
Stenprop's portfolio* and the LTV of the portfolio is 41.8%**. 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.
* MLI % is calculated based upon the March 2019 valuations,
adjusted for subsequent acquisitions and disposals.
** LTV is calculated by way of gross debt divided by gross
assets.
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
ACQEAEEXFFDNFAF
(END) Dow Jones Newswires
October 18, 2019 02:00 ET (06:00 GMT)
Grafico Azioni Industrials Reit (LSE:MLI)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Industrials Reit (LSE:MLI)
Storico
Da Apr 2023 a Apr 2024