Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSTP.L Regulatory News (STP)

  • There is currently no data for STP

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Stenprop completes £20.6 million Wigan acquisition

7 Jul 2021 07:00

RNS Number : 3714E
Stenprop Limited
07 July 2021
 

 

 

 STENPROP LIMITED

(Registered in Guernsey)

(Registration number 64865)

LSE share code: STP JSE share code: STP

ISIN: GG00BFWMR296

("Stenprop" or the "Company")

 

7 July 2021

 

Stenprop continues multi-let industrial transition with £20.6 million Wigan acquisition

 

Company on track to be 100% MLI by 31 March 2022

 

Stenprop, the UK multi-let industrial ("MLI") owner and operator, announces that it has acquired Bradley Hall Trading Estate, Wigan from HIMOR (Property) Limited for £20.6 million, reflecting a net initial yield of 6.43% and a capital value of £67.40 per sq ft on the MLI space and £8.95 per sq ft on the yard areas.

 

The property comprises 275,079 sq ft of terraced MLI units ranging in size from 344 sq ft to 28,896 sq ft, and 230,062 sq ft of income producing yard areas. It is 100% let to a diverse range of local and national businesses and generates a total annual passing rent of £1.4 million, equating to an average rent of £4.61 per sq ft on the built units and £0.61 per sq ft on the yard areas. This compares favourably with the average passing rent of £5.46 per sq ft on Stenprop's current portfolio of 5.6 million sq ft. 99% of rent due at the estate in H1 2021 was collected, reflecting the critical importance of the units to the estate's occupiers. 

 

The estate also offers potential for Stenprop to grow income and value through asset management, with several lease events due in the near term, as well as potential development opportunities to increase the low site density.

 

Located in an established commercial hub five miles north of Wigan town centre, the estate benefits from its excellent transport connections, with both Junction 27 of the M6 and Junction 6 of the M61 a short drive away.

 

The North West has been one of the strongest performing industrial and logistics regions in recent years. The market has been characterised by a growing demand supply imbalance, in particular for smaller SME/MLI units ranging between 1,000 and 20,000 sq ft, which has been exacerbated by a lack of speculative development. At £67 per sq ft capital value, development of new supply is not feasible as build costs for similar units are significantly higher.

 

Stenprop has continued to grow its exposure in the region, which now totals over 1.5 million sq ft, following several recent acquisitions, representing c 26% of its MLI portfolio.

 

Following this acquisition, the Company's MLI portfolio now accounts for 75% of Stenprop's total portfolio, and the Company remains on track to be 100% MLI by the end of the current financial year. 

 

Will Lutton, Head of Investment at Stenprop, commented: "Located in one of the best performing industrial regions of the UK, this acquisition fits well with our strategy of acquiring assets with strong day one income and the opportunity to add value using our management platform. We have already identified a range of asset management opportunities at the Bradley Hall Estate which we are confident will enable us to increase the rents significantly over time. The granular tenant base and smaller unit sizes are well suited for the strength of our Industrials Hive operating platform and our Customer Engagement Manager and Smart Lease models."  

 

Stenprop was represented by B8 Real Estate on the transaction. 

 

This announcement is voluntary and for information purposes only.

 

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

Justin Bell

 

FTI Consulting +44 (0)20 3727 1000

Richard Sunderland stenprop@fticonsulting.com 

Richard Gotla

Indraneel Bose

 

Java Capital +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 stenprop.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
ACQBIGDRCDGDGBL
Date   Source Headline
14th Sep 20219:30 amRNSInvestor Tour
14th Sep 20217:09 amRNSInvestor Tour
13th Sep 20219:00 amRNSResult of AGM
8th Sep 202110:12 amRNSHolding(s) in Company
3rd Sep 20217:00 amRNSGuernsey office sale takes portfolio to 92% MLI
26th Aug 20217:00 amRNSStenprop completes £15.9m double acquisition
12th Aug 20219:00 amRNSResult Of Election For Cash Or Scrip Dividend
6th Aug 202112:00 pmRNSChange To The Total Number Of Voting Rights
6th Aug 20217:00 amRNSCompletion of EUR30.8M Berlin shopping centre sale
3rd Aug 20213:00 pmRNSDirector/PDMR Shareholding
3rd Aug 202112:00 pmRNSHolding(s) in Company
30th Jul 20217:00 amRNSTrading Statement and Rent Collection Update
29th Jul 20212:00 pmRNSPosting Of Notice Of Annual General Meeting
15th Jul 20218:00 amRNSDealings By A Director Of The Company
13th Jul 20219:00 amRNSFinalisation Announcement In Respect Of Election
7th Jul 20213:00 pmRNSChange to the total number of voting rights
7th Jul 20217:00 amRNSStenprop completes £20.6 million Wigan acquisition
6th Jul 20213:00 pmRNSChange to the total number of voting rights
2nd Jul 20212:00 pmRNSScrip Dividend Circular
28th Jun 20212:00 pmRNSChange to the Total number of Voting Rights
24th Jun 20213:00 pmRNSNo Change Statement/ Publication Of Annual Report
22nd Jun 20219:00 amRNSChange to the total number of voting rights
15th Jun 202112:00 pmRNSDirector/PDMR Shareholding
11th Jun 20217:00 amRNSPreliminary results for year ended 31 March 2021
24th May 20219:00 amRNSNotice of Full Year Results
30th Apr 20217:00 amRNSMLI Trading Update Q4 FY21
1st Apr 20217:00 amRNSCompletion of MLI Acquisition & Retail Asset Sales
30th Mar 20219:00 amRNSDirector/PDMR Shareholding
22nd Mar 202110:00 amRNSDirector/PDMR Shareholding
19th Mar 20219:00 amRNSDirector/PDMR Shareholding
9th Mar 20217:00 amRNSAcquisition of three multi-let industrial estates
24th Feb 202110:30 amRNSDirector/PDMR Shareholding
16th Feb 20219:00 amRNSDirector/PDMR Shareholding
11th Feb 202111:00 amRNSResult of election for cash or scrip dividend
9th Feb 202111:00 amRNSTransaction in Own Shares
2nd Feb 20213:00 pmRNSDirector/PDMR Shareholding
29th Jan 20217:00 amRNSMLI Trading Update
22nd Jan 20217:00 amRNSNotice of Quarterly Trading Update
12th Jan 20219:00 amRNSScrip Dividend Circular
7th Jan 202111:00 amRNSDirector/PDMR Shareholding
29th Dec 20207:00 amRNSDisposal of Berlin Shopping Centre for EUR30.8M
22nd Dec 20207:00 amRNSAcquisition of three multi-let industrial estates
21st Dec 20207:00 amRNSDisposal of Victoria Retail Centre for EUR37.45M
17th Dec 20202:00 pmRNSScrip Dividend Circular
15th Dec 20207:00 amRNSStenprop secures new £66.5m debt facility
14th Dec 20202:00 pmRNSDirector/PDMR Shareholding
4th Dec 20207:01 amRNSSummarised Half Year Results
4th Dec 20207:00 amRNSHalf Year Results
2nd Dec 20203:30 pmRNSChanges to the board committees
16th Nov 20209:00 amRNSNotice of Half Year Results

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.