Stenprop buys another UK multi-let industrial estate

Posted On Saturday, 28 April 2018 10:45 Published by
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Shareholders are advised that Stenprop completed the acquisition of a fully-let industrial estate in Shrewsbury on 24 April 2018 for £2.9 million, in line with its stated strategy to focus on UK multi-let industrial (“MLI”) property.

 businesspeople_Paul_Arenson_STENPROP_CEO

 The purchase from South Street Capital reflects a net initial yield of 6.7%.

Greenwood Industrial Estate is located off Cartmel Drive in the primary industrial area of Shrewsbury, three miles north of the town centre. It comprises 30 units, totalling 44,611 sq ft of industrial space. The weighted average unexpired lease term is 3.7 years to lease expiries and 2.3 years to lease breaks. The average passing rent is £4.70/sq ft.

The Company believes that there is the potential to make improvements to the estate through a programme of capital expenditure, which would provide scope for rental growth,

The estate is the sixth acquired by Stenprop since its purchase of the Industrials.co.uk portfolio for £127 million in June 2017. Stenprop is seeking a further £100 million of multi-let industrial opportunities in the UK over the course of 2018.

This announcement is voluntary and for information purposes only.

Stenprop has a primary listing on the Main Board of the Johannesburg Stock Exchange (“JSE”) and a secondary listing on the Bermuda Stock Exchange.

Last modified on Saturday, 28 April 2018 11:00

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