1 Oct 2020 07:00
STENPROP LIMITED
(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
("Stenprop" or the "Company")
1 October 2020
COMPLETION OF DISPOSAL OF NEUCӦLLN CARRÉE RETAIL PARK IN BERLIN
Further to the announcement made by the Company on 16 July 2020, Stenprop announces that the sale of its long leasehold interest in the Neucӧlln Carrée retail park in Berlin, Germany, has now completed.
James Wakelin, Head of debt and special projects at Stenprop, commented:
"This is another important step in the transition towards becoming a 100% UK multi-let industrial ("MLI") business. We have recently seen a strong uptick in our MLI acquisition pipeline. This timely sale, releasing approximately €15.5m 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.
"UK MLI estates now comprise approximately 63% of Stenprop's total property portfolio."
For further information:
Stenprop Limited +44(0)20 3918 6600
Paul Arenson (paul.arenson@stenprop.com)
Julian Carey (julian.carey@stenprop.com)
James Beaumont (james.beaumont@stenprop.com)
Numis Securities Limited (Financial Adviser) +44(0)20 7260 1000
Hugh Jonathan
Vicki Paine
FTI Consulting (PR Adviser) +44(0)20 3727 1000
Richard Sunderland
Richard Gotla
Neel Bose
Stenprop@fticonsulting.com
Java Capital Trustees and Sponsors Proprietary Limited +27 (0)11 722 3050
(JSE Sponsor)
About Stenprop:
Stenprop is a UK REIT listed on the LSE and the JSE. The objective of the Company is to deliver sustainable growing income to its investors. Stenprop's investment policy is to invest in a diversified portfolio of UK multi-let industrial (MLI) properties with the strategic goal of becoming the leading MLI business in the UK. For further information, go to www.stenprop.com.