(Alliance News) - Property firm Stenprop Ltd said Friday it acquired two multi-let industrial estates in the UK for a combined GBP7.1 million, amid a continued push to increase its exposure to the industrial sector.
The London and Johannesburg-listed firm bought the 44,000 square foot Western Campus of the Strathclyde Business Park in Glasgow for GBP4.6 million and the 38,000 square foot Merryhills Enterprise Park in Wolverhampton for GBP2.5 million.
Western Campus is currently 75% let and generates an annual passing rent of GBP333,454, equivalent to GBP7.98 per square foot. At Merryhills, the property is 91% let and generates GBP179,150 in annual passing rent which is equivalent to GBP4.98 per square foot.
"Both Western Campus and Merryhills Enterprise Park are modern, purpose-built industrial estates located in densely-populated areas with strong demand-supply characteristics," Stenprop Property Director Julian Carey said.
"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", Carey added.
Following the acquisitions, multi-let industrial properties now comprise 45% of total assets at the firm. Stenprop is targeting multi-let industrial assets to represent 60% of total assets by March 2020.
By Ahren Lester; ahrenlester@alliancenews.com
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