Berlin retail sale intensifies Stenprop’s industrial focus

UK-listed REIT Stenprop has extended its transition to becoming a pure-play multi-let industrial specialist following the sale of a Berlin shopping centre.

The company has sold the Hermann Quartier shopping centre for €30.8 million which now means that multi-let industrial property comprises 83% of the portfolio according to March valuations.

“This completes the sale of our €95 million Berlin shopping centre portfolio, which we achieved at an average premium of 18% above March 2020 book value,” said James Wakelin, Stenprop’s head of debt and special projects. “With further disposals underway, we remain on track to complete our transition to being a 100% UK MLI business by March 2022.”

Stenprop said its investment policy is to invest in a diversified portfolio of UK multi-let industrial with the strategic goal of becoming the leading MLI business in the UK.

The company’s portfolio was split 56% in the UK, 41% in Germany and 3% in Switzerland.