Stenprop reports record leasing as MLI demand grows

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Stenprop reports record leasing as MLI demand grows

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Published Date: 2021-05-03 | Source: Stephen Gunnion | Author: Stephen Gunnion

Stenprop reports record leasing as MLI demand grows

The property group has managed to capture strong rental uplifts due to increased demand for its multi-let industrial estates.

Stenprop has reported a positive final quarter to its 2021 financial year due to strong leasing activity as demand for its properties continued to improve. However, it says it has been affected by the most recent lockdown in the UK.

In a trading update, the property group said while rent collections were impacted in the three months to 31 March, it wasn't as severe as at the start of the year. It remained optimistic that the majority of rents due during the latest lockdown would ultimately be collected in line with historic rental collection trends seen since the start of the pandemic.

The company, which has shifted its focus almost entirely to multi-let industrial (MLI) estates in the UK, said it still managed to capture strong rental uplifts averaging 20% over the quarter.

Stenprop said it achieved its divestment and investment targets for the year as it exits other investments and grows its MLI portfolio. It completed over £90-million of MLI acquisitions during the period. At the same time its disposal programme continued to be materially ahead of expectations, with its German retail sales transacting at an average 15% premium to 31 March 2020 valuations.

Stenprop's full-year results are scheduled for release on 11 June. Its shares closed 0.2% up at R30.20 on Friday.





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