Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full 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 secures new £66.5m debt facility

15 Dec 2020 07:00

RNS Number : 6231I
Stenprop Limited
15 December 2020
 

STENPROP LIMITED

(Registered in Guernsey)

(Registration number 64865)

LSE share code: STP JSE share code: STP

ISIN: GG00BFWMR296

("Stenprop" or the "Company")

 

15 December 2020

Stenprop significantly reduces cost of debt on multi-let industrial portfolio with new £66.5 million long term, fixed rate facility

Stenprop, the UK multi-let industrial ("MLI") REIT, announces that it has secured a new seven-year, £66.5 million fixed rate senior debt facility with ReAssure. The new facility refinances an existing £61.5 million loan, which was due to expire in June 2022, and is secured against a portfolio of 30 multi-let industrial assets located across the UK with a loan to value ratio of 38%.

The new facility allows the Company to significantly reduce its financing costs by around £930,000 per annum as a result of the new loan being fixed at an annual rate of 1.66% compared to 3.2% on the previous arrangement. The additional drawn funds have been used to finance a recent MLI acquisition in Cardiff together with the costs associated with putting the loan facility in place.

Across the whole MLI portfolio the transaction reduces the cost of debt from 3% to 2.2% and substantially extends the weighted average maturity from 2.8 years to 5.6 years.

James Wakelin, Head of Debt and Special Projects, commented: "The completion of this refinancing provides us with long term stable capital, as well as the support of an institutional partner. The timing has allowed us to take advantage of the historically low interest rate environment and strong lender interest for exposure to the high growth industrial sector in order to deliver substantial savings for the business on behalf of shareholders. As we continue our transition to being 100% MLI by the end of the 2021/22 financial year we remain flexible in our approach to seeking ways to optimise our balance sheet."

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

 

FTI Consulting (PR Adviser) +44(0)20 3727 1000

Richard Sunderland

Richard Gotla

Neel Bose

Stenprop@fticonsulting.com

 

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 www.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
 
 
MSCMZMMZLDRGGZM
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.