Stenprop has exchanged contracts to sell a retail park in Berlin for €27m.
The disposal of Neucölln Carrée retail park to Union Investment reflects a €3.6m premium to the 31 March 2020 book value and is the latest step in Stenprop’s transition into a fully-focused UK multi-let industrial (MLI) property company.
As at 31 March 2020, around 58% of Stenprop’s portfolio was made up of UK MLI estates. On completion of the disposal, the MLI percentage of the portfolio will rise to 60.
Providing 13,364 sqm of gross lettable space, the 14-unit retail park is anchored by an Edeka supermarket and provides a range of other convenience-led retail. The weighted average rental is currently €107 per sqm.
Net proceeds from the sale after deduction of anticipated transaction costs, repayment of debt and property taxes is expected to be €15.5m.
Stenprop said it intends to use the net proceeds from the disposal to fund further acquisitions in the MLI sector.
STP : Stenprop sells Berlin retail park for €27m