Multi-let industrial investor Stenprop plans to convert to a REIT as it seeks to move its listing on the Bermuda Stock Exchange to the Specialist Fund Segment of the London Stock Exchange in June.
The company, which is also listed on the main board of the Johannesburg Stock Exchange, said the transfer was the result of the firm’s change in focus to the UK multi-let industrial sector. Stenprop will retain its primary listing on the JSE.
The firm has also appointed three new board members.
Richard Grant, the former chief financial officer of Cadogan Group and non-executive deputy chairman of Helical, replaces Stephen Ball as non-executive chairman of Stenprop, while the chief investment officer at healthcare real estate firm Prime, Philip Holland, joins Stenprop’s board as a non-executive director.
Julian Carey, group property director at Stenprop following its acquisition of C2 Capital, also joins the board as executive property director, replacing Neil Marais on the board. Marais also heads Stenprop’s Guernsey property office.
In addition, Apex Corporate Services has resigned as company secretary of Stenprop and has been replaced by Sarah Bellilchi, the firm’s head of legal.
Paul Arenson, chief executive of Stenprop, said: “We are making progress in the transition to the MLI sector and the proposed listing of the company in London in June, which will help us to fulfil our objective of delivering growth in earnings and distributions.”
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