Stenprop has acquired a UK industrial portfolio for £72.2m from Hansteen.
The portfolio includes 22 properties with a gross lettable area of around 1.2m sq ft. The current passing annual rent is £4.9m, and the forecast rental income for the year ending 31 March 2020 is £4.6m.
Paul Arenson, chief executive of Stenprop, said: “The acquisition is a big step forward in delivering our strategy of becoming the leading multi-let industrial business in the UK… The purchase has been funded partly from the sale proceeds of our Swiss and Aldi portfolios and partly from the short-term use of our Investec revolving credit facility. We have other sales of non-MLI properties in the pipeline.”
He added that once these sales are completed, the company’s overall debt will fall to approximately 44% loan-to-value and the MLI component will represent more than 41% of its portfolio.
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