Stenprop makes further acquisitions
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.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
