Buying more in the UK

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 industrials.co.uk 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 industrials.co.uk 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