Stenprop, the UK real estate group, continues to expand into the multi-let industrial property arena with the purchase it announced on Monday of three estates for £13.5m.
It also secured a new £50m revolving debt facility from Investec Bank Plc, saying it wanted to enable further acquisitons in the sector while it executed its sales programme of non-multi let industrial assets.
In three sparate transactions in December, Stenprop bought Souterhead Industrial Estate in Aberdeen from M&G Real Estate, Venture Park in Peterbrough from Catalyst Capital and Coningsby Park in Peterbrough from Thomas Cook, which together totalled more than 360,000 square feet.
The three estates include 63 purpose-built units. Stenprop will invest £4.5m in Coningsby Park as part of a refurbishment programme. Thje acquisitions increased the size of Stenprop’s multi-let industrial portfolio to 2.36-million square feet or almost 20% of its portfolio.
"We remain committed to our strategy of transitioning into a focused specialist in the UK multi-let industrial sector. Rental growth from the £127m portfolio we acquired from Morgan Stanley in June 2017, has exceeded our expectations. The integration of the operating team that we acquired at the same time, headed by Julian Carey, has been seamless, positioning us well to take on substanitally more assets of this nature at little marginal cost," said Stenprop CEO Paul Arenson.