Stenprop Limited Completion of disposal of Euston House (7947S)
March 14 2019 - 2:00AM
UK Regulatory
TIDMSTP
RNS Number : 7947S
Stenprop Limited
14 March 2019
STENPROP LIMITED
(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
("Stenprop" or the "Company")
COMPLETION OF DISPOSAL OF EUSTON HOUSE IN LONDON FOR GBP95
MILLION
14 March 2019
Further to the announcement made by the Company on 10 January
2019, Stenprop announces that the sale of its Euston House office
building in central London has now completed.
Stenprop has taken the strategic decision that its objective to
deliver sustainable, growing income to shareholders 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 its non-MLI assets
and utilise the sale proceeds to build a focused UK MLI
business.
Paul Arenson, CEO of Stenprop commented: "This is a significant
sale for Stenprop, as Euston House is a material asset representing
more than 10% by value of our portfolio. Being our last remaining
central London office investment, it completes our divestment from
the sector. The sale took place at a value of GBP95 million
compared with the last reported independent valuation of GBP80.5
million, which was used to determine the September interim NAV of
142 pence per share.
"It also ensures that Stenprop will meet its stated milestones
for the financial year ending 31 March 2019 of reducing its
loan-to-value ratio to below 45% and increasing the overall MLI
percentage of the portfolio to above 40%. Most significantly, the
sale provides cash resources to fund additional MLI purchases in
the financial year ending 31 March 2020, during which period
Stenprop intends to reduce leverage further to below 40% and to
acquire further MLI property so that MLI represents at least 60% of
our portfolio by 31 March 2020."
For further information:
Stenprop Limited +44(0)20 3918 6600
Paul Arenson
Patsy Watson
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
Kirsty Allan
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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