(Alliance News) - Stenprop Ltd on Thursday said it has exchanged contracts to sell a retail park in Berlin 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.
"The disposal is in line with Stenprop's strategy to become a 100% UK multi-let industrial business via the sale of all non-core properties in its portfolio and the reinvestment of the proceeds into UK multi-let industrial properties," Stenprop said.
Once the disposal to Hamburg-based real estate investment manager Union Investment is sealed, 60% of Stenprop's portfolio will be UK multi-let industrial properties.
Stenprop shares were marginally lower at 120.96 pence each in London on Thursday morning. In Johannesburg shortly after midday, it was trading 0.3% higher at ZAR25.74.
By Eric Cunha; ericcunha@alliancenews.com
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