6 Sep 2018 14:00
STENPROP LIMITED
(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
("Stenprop" or "the Company")
Realisation of performance fee in relation to a managed syndicate
6 September 2018
In the Commentary to the Annual Financial Statements for the year ended 31 March 2018, published on 7 June 2018, as well as in the Financial Review included in the Integrated Annual Report published on 27 July 2018, the Company disclosed that it expected to earn a performance fee following the exchange of contracts by a managed syndicate in relation to the sale of its interests in the WestendGate property in Frankfurt. No accrual was made in Stenprop's Annual Financial Statements in expectation of receiving the fee.
The Company is pleased to announce that the managed syndicate has completed the sale of its property interests and Stenprop has realised a net performance fee of €4.1 million in relation to the transaction. Henceforth, management fee income is expected to decline to insignificant levels as Stenprop continues to actively withdraw from involvement in its historic fund management business and focus on its transition into a multi-let industrial property specialist.
Distribution of non-property related earnings will continue to be evaluated from time to time, but there is no current intention to distribute all or part of the performance fee and it is more likely to be used for additional investment in multi-let industrial assets.
For further information:
Stenprop Limited +44(0)20 7079 6600
Paul Arenson
Patsy Watson
Julian Carey
Numis Securities Limited (Financial Adviser) +44(0)20 7260 1000
Hugh Jonathan
Vicki Paine
Tavistock (PR Adviser) +44(0)20 7920 3150
James Whitmore
James Verstringhe
Kirsty Allan
Instinctif Partners (SA Investor Relations and PR Adviser) +27 (0)11 447 3030
Keagile Makgoba
Java Capital (JSE sponsor) +27 (0)11 722 3050
About Stenprop:
Stenprop is a Guernsey-registered UK REIT. 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.