Stenprop strikes first corona-era acquisition

Stenprop has made its first acquisition during the Covid-19 pandemic, buying a portfolio of four warehouses. The company has paid £3.7m for the adjoining properties in Burton upon Trent’s Stretton Business Park in Staffordshire, reflecting a net initial yield of 6.9%. The deal takes the company nearer its goal of being entirely focused on the multi-let industrial market. Will Lutton, Stenprop’s head of investment, said: “Despite the challenging macroeconomic backdrop, the outlook for the multi-let industrial sector in the UK remains strong. “The sector is underpinned by a number of prevalent structural trends, led by e-commerce penetration, which have accelerated considerably as a result of Covid-19 lockdown. “We were close to acquiring this property prior to the coronavirus outbreak in March and are pleased to have completed the acquisition on renegotiated terms three months later.” To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette