https://www.engineeringnews.co.za
Business|Industrial|Proximity
Business|Industrial|Proximity
business|industrial|proximity

Stenprop makes further acquisitions

7th July 2020

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

Font size: - +

UK multi-let industrial (MLI) property company Stenprop has acquired a further 43 500 ft2 of MLI property across four adjoining warehouse units in Stretton Business Park, in Burton upon Trent, Staffordshire.

The £3.75-million acquisition reflects a net initial yield of 6.9% and a capital value of £86/ft2.

The acquisition marks a further step forward in the company achieving its goal of putting its full focus on the MLI sector by 2022.

Stretton Business Park is a modern and well-located industrial estate in close proximity to Stenprop’s existing holdings in Burton upon Trent, Albion Gateway and Sovereign Business Park.

The four modern units are fully occupied on leases delivering a yearly passing rent of £278 000.

“Despite the challenging macroeconomic backdrop, the outlook for the MLI sector in the UK remains strong and we continue to be encouraged by the levels of demand for space across our portfolio, most notably through our Industrials.co.uk leasing platform,” says Stenprop investment head Will Lutton.

“The sector is underpinned by a number of prevalent structural trends, led by e-commerce penetration, which have accelerated considerably as a result of Covid-19 lockdown. The income profile of these assets perfectly fits our strategy to grow contracted rent and is supported by the favourable local market dynamics.

This acquisition is another step forward in our goal of transitioning our entire portfolio into MLI. We were close to acquiring this property prior to the coronavirus outbreak in March  and are pleased to have completed the acquisition on renegotiated terms three months later,” he adds.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.175 0.232s - 138pq - 2rq
Subscribe Now