Buy­ing more in the UK

The Star Early Edition - - COMPANIES -

STENPROP, the listed prop­erty fund with a pri­mary list­ing on the Ber­muda Stock Ex­change and a sec­ondary list­ing on the JSE, has agreed to ac­quire a port­fo­lio of multi-let in­dus­trial prop­er­ties in the UK and the man­age­ment busi­ness that built up and man­aged the port­fo­lio for a to­tal of £130.5 mil­lion (R2.15 bil­lion). The port­fo­lio op­er­ates un­der the brand in­dus­tri­ and com­prises 25 multi-let in­dus­trial es­tates across the UK with a gross let­table area of 200 000m² and a di­ver­si­fied base of more than 400 ten­ants. The man­age­ment busi­ness, C2 Cap­i­tal, was es­tab­lished in 2009 by Ju­lian Carey. Stenprop said yes­ter­day that the C2 Cap­i­tal team would be re­spon­si­ble for grow­ing Stenprop’s UK in­dus­trial pres­ence un­der the in­dus­tri­ brand and the in­ten­tion was that Carey would join the board of Stenprop. Paul Aren­son, the chief ex­ec­u­tive of Stenprop, said the com­bi­na­tion of the port­fo­lio and the man­age­ment plat­form rep­re­sented a sig­nif­i­cant strate­gic in­vest­ment for Stenprop. – Roy Cokayne

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