Stenprop Limited, listed on the Main Board of the Johannesburg Stock Exchange (“JSE”) and on the Bermuda Stock Exchange (“BSX”), announced today the conversion of the Company to a UK Real Estate Investment Trust (“REIT”) and the appointment of three new members to its board with effect from 1 May 2018.

Stenprop has strengthened its board with the appointments of Julian Carey, the Group Property Director, as Executive Property Director, Richard Grant as Non-Executive Chairman and Philip Holland as a Non-Executive Director. At the same time, Stephen Ball, who has served on the board since October 2014, has stepped down as Non-Executive Chairman, and Neil Marais, who has served on the board since October 2014, has stepped down as a Director.

The conversion to a REIT and the appointment of the new board members is part of the Company’s strategic change in focus to the UK multi-let industrial (“MLI”) sector. The Company is seeking to move its listing on the BSX to the Specialist Fund Segment of the London Stock Exchange (“LSE”). It will retain its primary listing on the JSE. It expects the proposed LSE listing to occur following the publication of the Company’s annual results in the first half of June 2018. In connection with the proposed LSE listing, the Company announced on 26 March 2018 that it had migrated its jurisdiction of incorporation from Bermuda to Guernsey.

Julian Carey – Executive Property Director

Julian is currently Group Property Director at Stenprop, responsible for the transition of the Company’s property portfolio into the MLI sector and the development and roll out of the company’s MLI asset management platform and strategy.

Julian was the founder and Managing Director of C2 Capital, a private real estate fund management business. He established C2 Capital in 2009 in joint venture with the Ellis Campbell Group, a UK family office. He subsequently acquired the Ellis Campbell stake in the business in 2015 at the same time as C2 Capital launched Industrials.co.uk, a joint venture with Morgan Stanley Real Estate. Between 2015 and 2017 the Industrials.co.uk portfolio grew to comprise 25 multi-let industrial estates, and was sold to Stenprop in June 2017 along with the C2 Capital management platform.

Richard Grant - Non-Executive Chairman

Richard was the Chief Financial Officer of Cadogan Group Limited from 1994 until his retirement in 2017. He is currently the non-executive deputy chairman of Helical plc, a UK property investment and development company listed on the LSE. He has been a director of Helical since July 2012 and is also currently the chairman of Helical’s audit committee.

Philip Holland – Non-Executive Director

Philip is a qualified chartered accountant with more than 20 years’ experience in the property sector. He is currently Chief Investment Officer at Prime plc, the UK healthcare real estate company, having joined the company in April 2017. For six years prior to joining Prime, he was Finance Director and Deputy Managing Director of Primary Health Properties plc, a REIT listed on the Main Market of the LSE.

His previous senior roles were as CFO of Natixis Capital Partners Limited, a private equity real estate fund manager, CFO of Atlas Estates Limited, leading its listing on AIM and capital raising in 2007 and as Finance Director of Estates & General plc, a Main Market, LSE-listed real estate group that Philip helped to sell and delist in 2004.

Philip is currently a non-executive director and chairman of the audit committee of TP Group plc, an AIM-listed specialist services and advanced engineering company that operates in the defence, industrial and government sectors.

Change of company secretary

In addition, Apex Corporate Services Ltd has resigned as company secretary of Stenprop with effect from 30 April 2018. The Company has appointed Sarah Bellilchi as company secretary with effect from 1 May 2018.

Sarah joined Stenprop in November 2015 as Head of Legal. She is a qualified solicitor in England and Wales and manages the legal, risk and HR functions of the Stenprop group, advising the board on a broad range of corporate, commercial, regulatory and governance issues. Before her current role, Sarah was managing the corporate and commercial legal department for EMEA at GFI Group, a major global interdealer broker. Prior to this she gained extensive experience in cross border mergers and acquisitions, joint ventures and capital markets at international law firm Bryan Cave Leighton Paisner LLP and Israeli firm Danziger Klagsbald & Co.

Paul Arenson, CEO of Stenprop, commented: “We are making excellent progress in the strategic transition to the MLI sector and the proposed listing of the Company in London in June, which will give us the potential to fulfil our objective of delivering sustainable growth in earnings and distributions to our shareholders.

“I am delighted to welcome Julian, Richard and Phil to the board. They are high-calibre individuals who join at an exciting time for the Company. Julian’s enthusiasm, expertise and experience in the MLI sector will be extremely valuable to us as we transition our portfolio into the MLI sector. Richard has an outstanding record and good experience of the listed property sector and Phil has extensive knowledge of property and finance.

“I would like to thank Steve and Neil for their significant contribution to the Company over many years. They have provided sound leadership, wise counsel and strong support to the board. I wish them both every success in the future".

Industrials is Stenprop’s UK multi-let industrial operating platform. Visit site