Stenprop records significant rental growth in industrial portfolio – Stenprop has reported strong leasing success and significant rental growth in its UK multi-let industrial (MLI) portfolio.
In a trading update for the period from 1 April 2019 to 30 June 2019 the company completed 29 new lettings and 17 lease renewals at average rental uplifts of 24% and 16% respectively.
The average rent on the MLI portfolio is now £5.08/sq ft, which is 7.7% below the average estimated rental value of the portfolio of £5.50/sq ft. Vacancy now stands at 5.5%.
Stenprop is transitioning its portfolio from a pan-European investor into a focused UK MLI company, with the aim of becoming the UK’s leading MLI business. It plans to be at least 60% MLI with a loan-to-value (LTV) ratio of no more than 40% by March 2020.
At 30 June 2019 MLI comprised 42% of Stenprop’s portfolio and LTV was 43.9%.
STP : Stenprop records significant rental growth in industrial portfolio
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