Stenprop acquires more industrial properties

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Stenprop acquires more industrial properties

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Published Date: 2020-12-23 | Source: Stephen Gunnion | Author: Stephen Gunnion

Stenprop acquires more industrial properties

The company says it remains on track to be fully-invested in multi-let industrial properties by the end of its next financial year.

Hot on the heels of the sale of another retail property in Germany, Stenprop says it has acquired a number of additional multi-let industrial (MLI) estates in the UK.

The UK and German property owner is refocusing its portfolio on MLI properties in the UK, which it believes will be more resilient in the tough economic period that is expected to follow the UK's break from the European Union. On Monday, it announced the sale of a second shopping centre in Berlin as it exits the German retail property market, Yesterday, it said it had acquired three estates in Edinburgh, Cardiff and Wigan in separate transactions totalling £11.82 million.

Stenprop said its latest purchases took the total number of MLI acquisitions since the end of September to five for an aggregate value of £25.8 million. Since April, it has invested £66 million, with its MLI portfolio now accounting for 64% of total assets, up from 58% at the start of the year. The sale of the Victoria Centre in Berlin will raise the percentage to 68%. It said it remained on track to be 100% MLI by the end of its next financial year.

Stenprop's shares closed 1c down at R26.50 yesterday.





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