STENPROP BUYS ANOTHER UK MULTI-LET INDUSTRIAL ESTATE

Hamilton, Bermuda – 26 March 2018 – In a filing with the Bermuda Stock Exchange (“BSX”), Stenprop Limited (the “Company” or “Stenprop”; Ticker: STP.BH) announced the acquisition of a modern, fully-let industrial estate in Huddersfield. The full filing stated:

Shareholders are advised that Stenprop completed the acquisition of a modern, fully-let industrial estate in Huddersfield on 12 March 2018 for £5.8 million in line with its stated strategy to focus on UK multi-let industrial (“MLI”) property. The purchase from a private investor reflects a net initial yield of 7.4%. 

Ellis Hill Industrial Estate is located on the A62 Leeds Road and comprises six units, totalling 76,140 square ft of space, with good yards. Tenants include Pendragon, trading as Mercedes Benz, Goodman Retail, trading as Volkswagen, Sicame UK and St Gobain on leases that extend from 4 years to12 years. The average passing rent is £5.57 per square ft. The company believes that there is the potential to develop higher value uses on some of the surplus land fronting the A62, which previously had planning consent for an additional 15,000 square ft.

The estate is the fifth acquired by Stenprop since its purchase of the Industrials.co.uk portfolio for £127 million in June 2017. Stenprop is seeking a further £100 million of multi-let industrial opportunities in the UK over the course of 2018.

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.

26 March 2018

JSE sponsor

Java Capital

Bermuda Stock Exchange sponsor

Estera Securities (Bermuda) Limited