Stenprop makes ‘solid progress’ in transition into multi-let industrial sector
A London-based property specialist has announced it has made ‘strong’ progress in its ambition to become a 100 per cent multi-let industrial business.
Stenprop has reported a 15 per cent year-on-year increase of multi-let industrial units in its overall portfolio.
The firm, which acquired 10 new multi-let industrial sites in the year ending March 31, has increased its portfolio share in the sector to 58 per cent, up from 42.7 per cent the previous year.
Stenprop also saw an increase in the valuation of its total portfolio by 2.8 per cent over the prior year, with a like-for-like increase on the multi-let industrial portfolio valuation up by 3.7 per cent.
In a statement issued this morning, Stenprop commented: “The crisis has shown the negative impact of long supply chains and there is now increased support for SMEs to manufacture and supply locally.
“This coming year is clearly going to be a challenging one as a result of COVID-19, the lockdown response and the high probability of a significant downturn in the economy.
“Management has subjected Stenprop’s financial model to stress test scenarios associated with a prolonged period of market disruption and concluded that Stenprop is well placed from a balance sheet perspective to cope with this for a significant period of time.”
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