This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
STENPROP BUYS UK MULTI-LET INDUSTRIAL ESTATE
Hamilton, Bermuda: January 29, 2018 –In a filing with the Bermuda Stock Exchange (“BSX”), Stenprop Limited (the “Company” or “Stenprop”; Ticker: STP.BH) announced the purchase of an industrial estate. The full filing stated:
Shareholders are advised that Stenprop completed the acquisition of a modern and well-located industrial estate near Manchester in the north west of England for £2.2 million in line with its stated strategy to focus on UK multi-let industrial (MLI) property.
The estate, Globe Park, comprises 17 units totaling 38,000 sq ft. It is located in Moss Bridge Road in the canalside industrial area of Rochdale, Greater Manchester, close to junctions 20 and 21 of the M62 motorway.
The acquisition reflects a net initial yield of 6.5%. The average passing rent of the leased space is £4.50 per sq ft.
Globe Park is a good addition to Stenprop’s growing MLI portfolio, as it is a high-quality, modern estate in an area let off low rents and with favourable demand-supply dynamics that the company believes will lead to strong rental growth.
This announcement is voluntary and for information purposes only.
Stenprop has a primary listing on the Main Board of the Johannesburg Stock Exchange (“JSE”) and a secondary listing on the Bermuda Stock Exchange.
29 January 2018
JSE sponsor
JAVA CAPITAL
Bermuda Stock Exchange sponsor
Estera Securities (Bermuda) Limited
STENPROP LIMITED
(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: STP.BH JSE share code: STP
ISIN: BMG8465Y1093
(“Stenprop”or the “company”)