STENPROP PORTFOLIO REACHES 83% MLI ON COMPLETION OF €30.8 MILLION DISPOSAL OF BERLIN SHOPPING CENTRE

Further to the announcement made by the Company on 29 December 2020, Stenprop announces that the sale of its freehold interest in the Hermann Quartier shopping centre in Berlin, Germany has now completed. The transaction takes Stenprop’s portfolio to 83%* MLI, based on March 2021 valuations.

James Wakelin, Head of Debt and Special Projects, commented: “This completes the sale of our €95 million Berlin shopping centre portfolio, which we achieved at an average premium of 18% above March 2020 book value. With further disposals underway, we remain on track to complete our transition to being a 100% UK MLI business by March 2022.”

*Inclusive of the retained urban logistics assets which complement the wider MLI strategy

In the film below Stenprop CEO Paul Arenson highlights the ongoing trend to MLI, hastened by the COVID enforced lockdowns