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Industrials REIT (formerly Stenprop Limited) (LSE & JSE: STP) is a Guernsey-registered UK REIT, listing on the London Stock Exchange in June 2018. The objective of the Company is to deliver sustainable growing income to its investors. Stenprop’s investment policy is to invest in a diversified portfolio of UK multi-let industrial (MLI) properties with the strategic goal of becoming the leading MLI business in the UK.

Industrial REIT is aiming to increase its exposure to the UK ‘Multi Let Industrial’ (MLI) to 100% by financial year end 2022.

For the 12 months ending 31st March 2021, Industrials paid a total dividend of 6.75p per share (share price at 31st March 2020: 143.5p)


  • Paul Arenson (CEO): founded Stenham Property Ltd a property fund management business.
  • Richard Grant (Ind NE Chair): formerly CFO of Cadogan Group Ltd. Currently the NE deputy chairman of Helical plc
  • James Beaumont (CFO): Spent 5yrs as FD of alternative asset funds at Shore Capital.
  • Julian Carey (Exec Property Director): Previously founder of C2 Capital, a private real estate fund management Co.
  • NED’s – Paul Miller, Philip Holland, Patricia Watson, Richard SMith, Louisa Bell


Net Rental Income33.0533.91
Net Operating Income23.5528.49
Dividend Per Share6.75p6.75p
Diluted IFRS EPS5.44p8.35p
Diluted adj. EPRA EPS6.88p8.84p
Portfolio valuation (inc JV)532,574615,714
Cash and cash equivalents84,45357,425
Total assets622,451676.27
Total liabilities156,394226.26
Net liabilities391,336392,220



Peer Group

  • Segro Plc (LSE: SGRO): Own, develop & manage UK warehouse & industrial properties
  • Warehouse REIT plc (LSE: WHR): REIT focused on UK urban warehouses
  • LondonMetric Property plc (LSE: LMP): specialises in distribution, convenience & long income property
  • Tritax Big Box REIT plc (LSE: BBOX): invests in very large logistics warehouse assets
  • Urban Logistics (AIM: SHED): Specialist UK industrial and logistics REIT
  • Hansteen Holdings plc (LSE:HSTN): Urban multi-let industrial property investor,

Major Shareholders


  • Paul Arenson- 5.58%
  • Julian Carey – 1.17%
  • Warren Lawlor – 0.43%
  • Patricia Watson – 0.39%
  • Richard Grant – 0.03%
  • James Beaumont – 0.01%
  • Philip Holland – 0.01%
  • Paul Miller – 0.01%


  • BMO AM – 7.37%
  • Lombard Odier – 5.96%
  • Aberdeen Asset Investments- 2.77%
  • Waverton – 1.61%
  • Premier Fund Managers – 1.29%

Macro Indicators

Numis Note (January 2019)
“In 2019, share prices will continue to be driven by sentiment towards capital values and discounts are likely to remain. In line with the direct market trends, we would expect those funds with a higher weighting towards Industrial and Alternative sectors to be able to deliver total returns ahead of IPF consensus, which is currently 3.2% for 2019. Those with a high Retail weighting are likely to remain out of favour with investors. Given the relatively high income yields on offer, the discounts to NAV are attractive for those looking to diversify income. However, it is difficult to see a major catalyst for discounts to narrow significantly in 2019, meaning investors will need to take a longer term view on total returns.”

Media Coverage (Jan 2021)
“MIDAS SHARE TIPS: My top picks for a healthy (and wealthy) 2021

“…Looking ahead, the business has real potential. Not only is it in a robust sector but it has pioneered easy-to-use online leases. These run to just three pages, are written in plain English and cut out third-party agents so Stenprop can engage directly with its customers. Over time, Arenson is keen to extend this idea still further, offering customers all-in-one packages, including heating, plumbing, wi-fi and such like, for a fixed monthly price. The idea is revolutionary in the multi-let space but is increasingly common among modern rental and student accommodation and would put Stenprop in a class of its own.

Midas verdict: At £1.36, Stenprop offers good long-term value and decent income, even without its fancy new digital ideas. Add those in and the shares look even more attractive. Buy.”

Broker Coverage

Numis (House Broker – Jan 2019)
“In the meantime, we believe that [Stenprop] is well-resourced, both financially and from a management perspective, to continue to scale its UK operations and capture the strong market dynamics of a highly fragmented market. We believe its serviced industrial approach is an interesting differentiator. In the meantime, we believe the valuation looks attractive relative to other London SE listed Industrial peers, with the shares currently trading on an attractive discount and prospective yield of c.6.0% .”


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