(Alliance News) - Stenprop Ltd on Thursday said it has completed some transactions which further progress its strategic goal of becoming a fully focussed multi-let industrial real estate investment trust.
The UK-based property company said it has acquired the Headlands Trading Estate in Swindon for GBP7.4 million. The estate provides 106,000 square feet of multi-let industrial space across 19 units and is fully let. The acquisition price reflects a net initial yield of 7.1% and a capital value of GBP70 per square feet.
Stenprop also said it disposed of the Bikemax portfolio of five German retail warehouse units based on a property value of EUR27 million and sold the Victoria Centre retail property in Berlin for EUR37.5 million.
The completion of these three transactions takes Stenprop's portfolio to over 73% multi-let industrial based on September 2020 valuations.
"We remain confident of meeting our target to become a 100% focused multi-let industrial business by this time next year and look forward to setting out our post-transition vision for Stenprop when we announce our annual results in June," said Chief Executive Paul Arenson.
Stenprop shares were trading 0.4% lower in London on Thursday at 143.00 pence each, while in Johannesburg, the stock was down 2.5% at ZAR29.50 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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