Stenprop acquires two multi-let industrial properties for £7.1m
Stenprop has acquired two multi-let industrial estates in Glasgow and Wolverhampton for £7.1 million, the company announced to the market this morning.
In Glasgow the group acquired the 44,234 sq ft Western Campus at Strathclyde Business Park, Bellshill from Central Assets LLP for £4.6m, which reflects a net initial yield of 6.8%. In Wolverhampton Stenprop purchased the 37,617 sq ft Merryhills Enterprise Park from two private investors for £2.5m, reflecting a net initial yield of 6.7%.
Julian Carey, Stenprop’s Executive Property Director, said:
“Both Western Campus and Merryhills Enterprise Park are modern, purpose-built industrial estates located in densely-populated areas with strong demand-supply characteristics. We believe both provide an excellent opportunity to add value and grow income using our Industrials operating platform by delivering an excellent customer experience and leasing the vacant space”.
Following the acquisitions, MLI assets account for 44.9% of Stenprop’s portfolio* and the LTV of the portfolio is 41.8%**. MLI assets are expected to comprise approximately 60% of Stenprop’s total portfolio of properties by 31 March 2020.
This announcement is voluntary and for information purposes only.
* MLI % is calculated based upon the March 2019 valuations, adjusted for subsequent acquisitions and disposals.
** LTV is calculated by way of gross debt divided by gross assets.