(Alliance News) - Stenprop Ltd said Thursday it has completed the sale of its long leasehold interest in the Neucolln Carree retail park in Berlin, Germany.
The deal was initially announced in mid-July. Stenprop exchanged contracts to sell the retail park for EUR27.0 million. The property investor said the sales price is a EUR3.6 million premium to its end of March book value.
The Neucolln Carree retail park provides 13,364 square metres of lettable space, and 14 units.
Head of Debt & Special Projects at Stenprop said: "This is another important step in the transition towards becoming a 100% UK multi-let industrial business. We have recently seen a strong uptick in our MLI acquisition pipeline.
"This timely sale, releasing approximately EUR15.5 million of sale proceeds, will be used to fund this pipeline. Our remaining identified German sales are progressing well and we expect to announce further news in due course."
Once the disposal to Hamburg-based real estate investment manager Union Investment is sealed, about 63% of Stenprop's portfolio will be UK multi-let industrial properties.
Shares in Stenprop were untraded in London on Thursday at 117.00 pence each. In Johannesburg, the shares were 0.7% lower at ZAR25.56.
By Paul McGowan; paulmcgowan@alliancenews.com
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