6th Aug 2021 09:44
(Alliance News) - Stenprop Ltd on Friday said it has completed the sale of its freehold interest in the Hermann Quartier shopping centre in Berlin, Germany.
The UK-based investor, focused on the industrial property sector, first announced the acquisition at the end of 2020. The Hermann Quartier shopping centre was sold to Munich-based firm ILG Capital GmbH for EUR30.8 million.
ILG is acting on behalf of the regulated special property fund ILG Einkaufen D, managed by IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH.
Net proceeds from the sale after deduction of anticipated transaction costs, repayment of debt and property taxes are expected to be EUR19 million, which Stenprop intends to use to fund further acquisitions in the multi-let industrial sector.
James Wakelin, head of Debt & Special Projects, said: "This completes the sale of our EUR95 million Berlin shopping centre portfolio, which we achieved at an average premium of 18% above March 2020 book value. With further disposals underway, we remain on track to complete our transition to being a 100% UK multi-let industrial business by March 2022."
Stenprop shares were trading flat in London on Friday at 165.75 pence each. In Johannesburg the stock was also unmoved, at ZAR32.80 a share.
By Evelina Grecenko; [email protected]
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