Picture: THINKSTOCK
Picture: THINKSTOCK

Real estate fund Stenprop said on Thursday it was investigating the merits of conversion to real estate investment trust (Reit) status as well as a listing on the London Stock Exchange.

The fund said in a statement that it was also looking at a possible change in its reporting currency from euro to sterling to reflect the relatively larger weighting of its UK portfolio.

Stenprop is set to grow its UK-based portfolio following an agreement to acquire a portfolio of multi-let industrial properties as well as the portfolio’s manager‚ C2 Capital‚ for a combined consideration of £130.5m.

Before the transaction‚ Stenprop’s portfolio was worth about €900m. Stenprop owns assets in the UK‚ Germany and Switzerland.

The JSE-and Bermuda Stock Exchange-listed company declared a final dividend of 4.5 euro cents in the year to end-March, bringing the total dividend to 9c, which was down on the 8.9c declared in the year-earlier period.

The basic earnings attributable to ordinary shareholders dropped to €17.5m, from €49.3m, which equated to diluted earnings per share of 6.16 euro cents, down from 17.66c.

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