3rd Sep 2021 07:51
(Alliance News) - Stenprop Ltd on Friday said it has completed the sale of Trafalgar Court, its Guernsey office building to ARC Global.
The London-based property company said Trafalgar Court is located in St Peter Port, Guernsey. The weighted average rental is currently GBP419.2 per square metre.
It was disposed to ARC Global (Guernsey) Holdings Ltd - a subsidiary of Global Net Lease Inc - for GBP55 million.
The disposal further progresses Stenprop's strategy to become a 100% UK multi-let industrial business by March 2022, increasing its multi-let industrial portfolio to 92% from 83% of its total portfolio, it noted.
"The proceeds will be deployed into attractive multi-let industrial opportunities in the UK and takes the percentage of multi-let industrials in our portfolio to over 90%," said Chief Executive Paul Arenson.
"We have approximately GBP45 million of non-multi-let industrial assets left to sell and look forward to announcing further acquisitions and disposals," added Arenson.
By Evelina Grecenko; [email protected]
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