Stenprop has sold a retail centre in Germany as part of its ongoing strategy to become a pure player in the industrial market.
The group has sold its freehold interest in the Victoria Centre in Berlin to Art-Invest Real Estate Funds for €37.4m (£34.3m). The disposal price reflects a 19.3% premium to its 31 March 2020 book value.
Since 30 September, Stenprop said it had bought five multilet industrial units for £25.8m, taking the percentage of industrials in its portfolio to 64%. The disposal of the 150,000 sq ft Victoria Centre will increase this to 68%.
James Wakelin, head of debt and special projects at Stenprop, said: “Our second Berlin retail centre disposal, achieved at a 19.3% premium to our March valuation, underlines both the strength of these assets and their appeal to the German domestic investor market as well as our ability to successfully execute on our stated asset management initiatives.
“The sale will allow us to continue our multilet industrial acquisition programme in the UK, which has accelerated since the summer with 790,000 sq ft of new multilet industrial space added to the portfolio.”
The Victoria Centre is anchored by supermarket chain Kaufland and is let to eight tenants. It provides a rental income of €10.60 per sq m.
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