CORRECT: Positive quarter for Stenprop as MLI portfolio gains traction

(Correcting headline to reflect business performance.) Stenprop Ltd - real estate investment ...

Alliance News 30 July, 2021 | 7:24PM
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(Correcting headline to reflect business performance.)

Stenprop Ltd - real estate investment trust focused on multi-let industrial properties and dual listed in London and Johannesburg - Says like-for-like passing rent up 3.7% in three months ended June 30, and is up 8.0% over the past year. Occupancy of multi-let industrial portfolio increases to 94.7% on June 30 from 93.7% on March 31. Notes that total leasing enquiries is up 46% in first half of year compared to last year. Notes that, during the quarter, average weekly leasing enquiries were 18% lower compared to the last quarter due to changes in marketing strategy "to focus on fewer but higher quality enquiries". Notes strong pipeline of MLI acquisitions opportunities.

"This has been another strong quarter of leasing activity across the MLI portfolio, with our occupancy rate increasing by another 1% to 94.7%, the fourth quarter of improvement since the pandemic struck in April 2020. We believe that this positive trend is a strong indicator of both the imbalance between growing demand for MLI units and restricted supply, as well as the strength of our platform and the desirability of our portfolio to occupiers," says Chief Executive Paul Arenson.

Current Johannesburg stock price: ZAR33.25

Year-to-date change: up 21%

Current London stock price: 166.50 pence

Year-to-date change: up 23%

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Stenprop Ltd 186.50 GBX 1.08 -
Stenprop Ltd 3,725.00 ZAC 3.33 -

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