Stenprop Limited (JSE:STP) acquired a portfolio of 22 multi-let industrial properties in the UK from Hansteen Holdings PLC (LSE:HSTN) for £67.9 million on December 21, 2018. In a related transaction, Hansteen completed the sale of a further 4 assets for £18.6 million. The deal was funded partly through existing cash resources of Stenprop and partly through a dropdown of £35 million under the Investec Revolving Credit Facility. As of March 31, 2018, the 22 properties had current passing annual rent of £4.9 million. The transaction is not subject to approval by shareholders of Stenprop. In the short term, Hansteen plans to use the sale proceeds to reduce the balance on its revolving debt facility. The Acquisition is earnings enhancing for Stenprop from inception. Hugh Jonathan and Vicki Paine of Numis Securities Limited acted as financial advisors for Stenprop. Mark Emerson of Jones Day acted as legal advisor to Hansteen Holdings PLC.

Stenprop Limited (JSE:STP) completed the acquisition of a portfolio of 22 multi-let industrial properties in the UK from Hansteen Holdings PLC (LSE:HSTN) on December 21, 2018