Property investment group, Stenprop announced on 25 April 2018 that it expanded its portfolio by acquiring a fully let estate in Shrewsbury worth over £2.9 million (R49 million).
The estate is located in a prime industrial area of Shrewsbury in the UK and has 30 units, totalling 4098m2.
The company says it “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 acquisition of Greenwood Industrial Estates is in line with Stenprop’s strategy transition into a specialist in the UK multi-led industrial sector. The company announced late last year that it plans to fund the projects by selling off its major assets including its London offices and its portfolios in Germany and Switzerland.
Stenprop, which has a primary listing on the Johannesburg Stock Exchange (JSE) and secondary listing on the Bermuda Stock Exchange, also plans to list on the London Stock exchange.
In January 2018 Stenprop finalised the acquisition of three multi-let UK properties to the value of £13.5 million (R229 million) and further secured a £50 million (R849 million) revolving debt facility from Investec Bank.
The company also bought Southerland Industrial Estate in Abedeen from M&G Real Estate, Venture Park in Peterborough from Catalyst Capital and Coningsby Park in Peterborough from Thomas Cook.
“All three estates fit perfectly with our business model and give us an opportunity to add value through our industrials.co.uk asset management platform,” said Julian Carey, who is Group Property Director at Stenprop.
