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Stenprop continues MLI transformation with £16.7m of acquisitions

Stenprop has acquired 100 industrial units in five separate transactions for an aggregate price of £16.7m, as it continues its portfolio transformation into fully focused multi-let industrial (MLI).

The biggest estate in the portfolio bought by Stenprop is the Hillfoot Industrial Estate in Sheffield. It paid £10.2m for the 81-unit scheme, reflecting a net initial yield of 6%. The total annual passing rent is £642,460 and the estate is 11% vacant – giving Stenprop opportunities to grow rents.

It has also acquired the Parkway Business Centre for £2.1m, reflecting a net initial yield of 7%, and the Forth Industrial Estate  for £4.2m, reflecting a net initial yield of 6.6%.

Stenprop intends to sell all of its non-MLI assets and plough the sale proceeds to build a focused UK MLI business. Following these latest acquisitions, MLI assets account for 43.9% of Stenprop’s portfolio. MLI assets are expected to comprise approximately 60% of Stenprop’s total portfolio of properties by 31 March 2020.

STP : Stenprop continues MLI transformation with £16.7m of acquisitions

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