Stenprop Limited Acquisition of two multi-let industrial estates (3477F)
November 16 2020 - 1:00AM
UK Regulatory
TIDMSTP
RNS Number : 3477F
Stenprop Limited
16 November 2020
STENPROP LIMITED
(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
("Stenprop" or the "Company")
16 November 2020
STENPROP CONTINUES ITS MULTI-LET INDUSTRIAL TRANSITION WITH TWO
ACQUISITIONS FOR GBP14 MILLION
-Seven estates acquired since March, for a combined value of
GBP53.9 million-
Stenprop, the UK multi-let industrial ("MLI") property company,
announces that it has acquired two MLI estates, comprising 58
units, in Durham and West Bromwich. The assets have been purchased
in separate transactions for a total consideration of GBP14
million.
Mandale Business Park, located on the Belmont Industrial Estate
on the outskirts of Durham, was acquired for GBP11.2 million from
Mandale Investments Limited. Comprising 37 modern units, the
136,000 sq ft estate is almost 100% occupied by 31 tenants spanning
a range of sectors including trade counters and light
manufacturing. The property generates a total annual passing rent
of GBP793,374 equating to an average rent of GBP5.83 per sq ft. The
property is in an excellent strategic location adjacent to Junction
62 of the A1(M).
In a second transaction, Stenprop has purchased Phoenix
Industrial Estate in West Bromwich for GBP2.8 million, from a
private investor. It extends to 21 units totalling 46,718 sq ft.
The estate is 100% occupied off a passing rent of GBP211,460,
equating to a low average rent of GBP4.53 per sq ft.
The property benefits from excellent arterial connectivity,
adjacent to the main A4035 trunk road from West Bromwich to Dudley
and less than three miles from Junction 1 of the M5.
Since the start of the Coronavirus pandemic, Stenprop has made
seven MLI acquisitions of over 660,000 sq ft, for a combined value
of GBP53.19 million, adding more than GBP3.5 million to the annual
rent roll and taking the portfolio past five million square feet of
MLI. The Company remains on track to be 100% MLI by the end of
2022.
Will Lutton, Head of Investment at Stenprop, commented:
"We continue to grow our portfolio of well-occupied multi-let
industrial properties in locations where there is critical
undersupply of suitable space and which benefit from strong local
infrastructure. Both acquisitions offer strong day one income, with
the longer-term opportunity to unlock reversionary potential
utilising our proprietary industrials.co.uk platform. Whilst
appetite for well let industrial assets continues, driven by
accelerating structural trends, we remain able to source and
acquire properties that meet our investment criteria, with a
significant pipeline of opportunities as we head towards 2021."
Following these acquisitions, MLI assets now constitute 64% of
Stenprop's total property portfolio.
This announcement is voluntary and for information purposes
only.
For further information:
Stenprop Limited +44(0)20 3918 6600
Paul Arenson (paul.arenson@stenprop.com)
Julian Carey (julian.carey@stenprop.com)
James Beaumont (james.beaumont@stenprop.com)
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
Stenprop@fticonsulting.com
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 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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQFFEFDIESSELF
(END) Dow Jones Newswires
November 16, 2020 02:00 ET (07:00 GMT)
Industrials Reit (LSE:MLI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Industrials Reit (LSE:MLI)
Historical Stock Chart
From Apr 2023 to Apr 2024