(Alliance News) - Property firm Stenprop Ltd has sold a property in Hamburg for EUR160 million as part of a focus on UK multi-let industrial assets, it said Wednesday.
The property being sold is Bleichenhof, for a total of EUR160.2 million. It is owned by Kommanditgesellschaft Bleichenhof Grundstuckverswaltung GmbH & Co KG, a German firm in which London-based Stenprop owns 95%.
As of September's end, some 45% of Stenprop's portfolio was made up of UK multi-let industrial assets, and following this sale that will rise to 56%. The Bleichenhof property is Stenprop's largest, it said, making up 21% of the gross value of its portfolio.
Bleichenhof has a total lettable area of 19,500 square metres, generating a contractual rent of EUR7.0 million a year. It was valued at EUR151.7 million at the end of September. It is being bought by three German pension funds.
"Stenprop intends to use the net cash proceeds from the disposal to acquire additional UK multi-let industrial estates which meet the purchasing and return criteria of Stenprop and to repay debt," Stenprop said.
London shares in Stenprop were 2.9% higher on Wednesday at a price of 125.00 pence each, with shares in Johannesburg up 4.3% at ZAR24.00.
By George Collard; georgecollard@alliancenews.com
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