21st Sep 2021 09:09
(Alliance News) - Stenprop Ltd on Tuesday announced the change of its name to Industrials REIT Ltd with immediate effect, saying the name reflected its current investment strategy.
Since 2017, the real estate investment trust has been refocussing its portfolio away from multi-sector assets, believing that there was a chance for superior income growth and returns in the multi-let industrial sector.
As at March 2021, Industrials REIT's multi-let industrial portfolio comprises 92% of its total portfolio, and the trust is aiming to become a 100% MLI business by March 2022.
"Adopting the Industrials REIT name marries our operating and corporate brands and aligns our name more closely with the MLI asset class that the company now owns and operates. The change marks an exciting new chapter in the company's evolution to a fully fledged MLI operating business," said Chief Executive Officer Paul Arenson.
Shares in Industrials REIT were up 1.0% at 183.47 pence on Tuesday in London, while its Johannesburg shares remain flat at ZAR36.10.
By Dayo Laniyan; [email protected]
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