6th Aug 2020 11:41
(Alliance News) - Stenprop Ltd on Thursday said it has acquired St Andrews industrial estate, located near Glasgow City Centre.
The industrial property company said the GBP5.5 million acquisition price reflects a net initial yield of 7.3% and a capital value of GBP75 per square feet.
Of the nine modern industrial units, Stenprop said seven are currently occupied by a diverse range of tenants including storage, trade counter and manufacturing uses, accounting for 85% of the gross lettable area and delivering a total annual passing rent of GBP428,936, equating to an average rent of GBP5.85 per square feet.
"Current indications are that the strong occupational demand for urban warehouse space that we are seeing, led by e-commerce penetration, is set to continue. This acquisition maintains our transactions momentum since the coronavirus pandemic and is another step forward in pivoting our entire portfolio towards the multi-let industrial sector," said Head of Investment Will Lutton.
Stenprop shares were trading flat in Johannesburg on Thursday at ZAR27.48 each, while in London the stock was down 0.4% at 118.00 pence a share.
By Evelina Grecenko; [email protected]
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