Stenprop acquires multi let industrial estate in Norwich for £19.6m
Stenprop, the UK multi-let industrial focussed property REIT, has acquired the Bowthorpe Park Industrial Estate in Norwich for £19.6 million. The purchase price has a net initial yield of 6.35%. The acquisition takes the MLI percentage of the groups portfolio to 60%, or 62% if you take into account the recent disposal of the Group’s Berlin retail park, which is expected to take place no later than January 2021. Stenprop is expecting the portfolio to be 100% MLI by the end of 2021.
The Bowthorpe Park asset is a 16-acre park providing 22,829m² of gross lettable MLI space across 76 units. The occupation rate is currently c.94% let to a diverse range of tenants including manufacturers, distributers, high-tech companies and trade counters at a weighted average rental of £58 per m².