Goglobal Properties had Stenprop reverse listed into it last year. A number of property funds based abroad are taking up secondary listings in SA. This is because there is appetite for property investments in SA with people looking for returns from the reliable and growing sector. Listed property outdid the JSE all share last year.
Stenprop focuses on office assets in the UK and Switzerland and retail centres in Germany.
Stenprop would dispose of London based Chiswell Street building for £48m‚ representing a premium sale price compared to book value. The decision to dispose of the building followed discussions with tenants which accelerated the redevelopment potential of the building‚ thereby making it very attractive to developers.
"Most of the leases at Chiswell were coming to end at similar times and we didn't want to miss out on income for a few reporting periods‚" CEO Paul Arenson said.
"The profit realised from this sale is pleasing and validates management's decision to invest in London office properties back in 2009‚ ahead of a strong market‚" he said.
Stenprop announced the purchase of Trafalgar Court in Guernsey for £61.4m. This transaction would be funded by a £30m bank loan and available cash. Trafalgar Court is a fully-let modern grade-A‚ multi-let office building with good-quality tenants. The average unexpired lease period is in excess of 12 years with three yearly‚ upward-only rent reviews.
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