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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.

Stenprop is aiming to increase its exposure to the UK ‘Multi Let Industrial’ (MLI) from 40% to at least 60% in the next 12 months and 100% by 2021.

For the 12 months ending 31st March 2019, Stenprop paid a total dividend of 6.5p per share (share price at 31st March 2019: 109.5p)


  • 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, Warren Lawlor


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- 4.43%
  • Julian Carey – 1.23%
  • Warren Lawlor – 0.41%


  • Sandown Capital Limited – 7.15%
  • 36ONE Asset Management – 3.28%
  • Miton Asset Management – 0.87%
  • Caixagest – 0.61%
  • Investec AM – 6.57%

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

Yorkshire Post: “How investment trusts can give your finances the competitive edge” (May 2019)
“(Carolyn Black of Mydletton Croft) tips Stenprop which invests in UK multi-let industrial sites, trading on 25 per cent discount but paying six per cent with scope to grow.” (Aug 2018)
MITON GLOBAL OPPORTUNITIES: This investment trust is something of an oddball – but better for it

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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