Stenprop plans to become an industrial property player
The property group is selling offices and other commercial assets as it moves to industrial assets
Stenprop’s decision to become multi-let industrial landlord will weaken its dividend in the short term, CEO Paul Arenson says. The company has been disposing of its office assets and buying multi-let industrial properties as its management believes this is an attractive sector with long-term potential. These are assets that generally include 10 industrial tenants. Stenprop, which released financial results for the six months to end-September on Thursday, declared an interim dividend of 3.375p per share, which represents a 15.625% fall compared with the six months to end-September 2017. “Stenprop is transitioning from a diversified real estate investment trust into a multi-let industrial property owning company,” Arenson said, adding that as much as 27% of the company’s assets are industrial. He said that by the end of the financial year to end-March 2019, 40% of its assets will include multi-let industrial properties. Arenson said the company bought assets valued at £25m during the ...
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