GoGlobal Properties Limited, a property company listed on the Bermuda Stock Exchange, with a secondary listing on the JSE’s AltX, has acquired a €667 million property portfolio. This Stenprop transaction was completed on 2 October 2014. The purchase consideration of approximately €323 million has been settled entirely by the issue of Stenprop shares to the sellers on the Bermuda register at €1.37 per share. GoGlobal’s name will shortly be changed to Stenprop Limited.
Following this acquisition, Stenprop owns a portfolio of property with a value in excess of €700 million comprising 53 buildings; 26 are in Germany, 13 in Switzerland and 14 in the United Kingdom. The portfolio’s geographical split is 42% in Germany, 21% in Switzerland and 37% in the United Kingdom. The total lettable area of the portfolio is 230 000m² (2 482 000ft²), weighted predominantly in the retail (46%) and office (32%) sectors. Total current rental income is approximately €46.4 million per annum.
Stenprop has appointed Paul Arenson as the Chief Executive Officer and Patsy Watson as the Chief Financial Officer. Paul and Patsy both reside in London and have extensive UK and European property experience, including the historic management of the acquired portfolio. Gerald Leissner, who has 50 years’ experience in listed property in South Africa, serves as Non-Executive Chairman.
Paul Arenson, Stenprop CEO commented “Stenprop has excellent retail and office assets with sustainable quality income. We intend to build on this foundation by acquiring additional earnings enhancing properties. Going forward, the focus of Stenprop’s business plan is to deliver a sustainable and growing dividend stream to shareholders. We are looking forward to continue engaging with existing and potential shareholders to support our strategy.”
Gerald Leissner, Stenprop Non-Executive Chairman commented, “This transaction is a key milestone in the GoGlobal journey. I am very excited about the name change to Stenprop and the future of the company. We have a solid base of assets and a highly experienced and motivated management team to deliver on our strategy.”