Duo of deals gives Stenprop a multilet lift

Stenprop has picked up two multilet industrial sites as its head of investment said eye-catching acquisitions continue to come to market during the pandemic. The company has bought the Excelsior Industrial Estate just outside of Glasgow for £5.2m from CBRE Global Investors, as well as Tunstall Trade Park in Tunstall, near Stoke-on-Trent, for £5.9m from Clowes Developments. The two investments reflect a blended net initial yield of 6.5%. Stenprop has now spent some £40m on acquisitions since the start of the coronavirus pandemic. These latest deals take the amount of multilet industrial space in the company’s portfolio past 5m sq ft. Will Lutton, the company’s head of investment, said: “Despite the ongoing macro-economic uncertainty, these two latest acquisitions demonstrate our ability to source attractive investment opportunities, both on and off market, in locations underpinned by favourable demand supply dynamics.” Managing director Julian Carey added: “Passing 5m sq ft of MLI is a major milestone for Stenprop. Having made the strategic decision to transition the portfolio towards 100% UK MLI based on our belief that structural changes taking place in the UK would underpin warehouse occupier demand, we remain steadfast in our belief in the sector’s future prospects and our ability to translate this into attractive shareholder returns.” To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette