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We are delighted to announce that we have successfully acquired two MLI properties comprising 18 high-quality units in Glasgow and Stoke-on-Trent. These were two separate transactions for a total of £11.1 million, equating to a blended NIY of 6.5%. Our portfolio now extends to 5,000,000 sq ft across 1,343 units on 75 estates.

Excelsior Industrial Estate is centrally located in Glasgow and comprises of 10 modern units. Nine of the units are currently occupied by a diverse range of customers including trade occupiers and a cash and carry. We acquired this property for £5.2 million from CBRE GI. The estate sits adjacent to the M8 and is less than 200 metres from the M74, benefitting from excellent arterial connectivity. Stenprop were advised by Avison Young.

 

"Passing five million square feet 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."

 

We have also acquired Tunstall Trade Park, Stoke on Trent for £5.9 million from Clowes Developments. The estate comprises of eight high-quality modern units totalling 56,500 sq ft and is 100% occupied by a diverse customer base including trade counters, self-storage, and hi-tech manufacturing. The property benefits from its adjacency to the A50, a major arterial axis.

Our Head of Investment, Will Lutton, commented: “Leveraging our local market expertise and strong relationships, the well-let assets enhance the existing portfolio, whilst also offering reversionary potential that will be realised via our proprietary industrials.co.uk platform.”

Julian Carey, Managing Director of Stenprop, added: "Passing five million square feet 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."