Stenprop: Completion of disposal of Berlin Retail Park
COMPLETION OF DISPOSAL OF NEUCӦLLN CARRÉE RETAIL PARK IN BERLIN
Further to the announcement made by the Company on 16 July 2020, Stenprop announces that the sale of its long leasehold interest in the Neucӧlln Carrée retail park in Berlin, Germany, has now completed.
James Wakelin, Head of debt and special projects at Stenprop, commented:
“This is another important step in the transition towards becoming a 100% UK multi-let industrial (“MLI”) business. We have recently seen a strong uptick in our MLI acquisition pipeline. This timely sale, releasing approximately €15.5m of sale proceeds, will be used to fund this pipeline. Our remaining identified German sales are progressing well and we expect to announce further news in due course.
“UK MLI estates now comprise approximately 63% of Stenprop’s total property portfolio.”