Stenprop collects 80% of Q4 rent

Stenprop has received 80% of rents due for the final quarter of 2020. It collected 70% of rent from its UK multi-let industrial portfolio and 97% from its UK urban logistics tenants. In a trading update, the firm added that occupancy across its multi-let industrial portfolio rose to 93.3% at the end of September and the average passing rent was £5.34 per sq ft. An extra £1.48m per year of new rental income has been generated through 58 new lettings and 19 lease renewals and a further 49 deals were under offer at the end of September. Paul Arenson, chief executive of Stenprop, said: “The continued high demand for our product, which reflects the quality of our MLI portfolio and our asset management team, has enabled us to deliver a trading update today that is characterised by strong rental growth, high levels of rent collection and a further reduction in vacancy. “Whilst we draw confidence from this performance over recent months, we are also aware of the threat from the pandemic and Brexit and the uncertainty this brings, particularly as we enter the winter months. “Our transition to a 100% MLI company by March 2022 remains on track, with our portfolio exceeding 5m sq ft for the first time during the quarter following several significant acquisitions.”   To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette