Patsy Watson, STENPROP CFO
STENPROP, a property company listed on the Bermuda Stock Exchange, with a secondary listing on the JSE’s AltX, today announced its interim results for the six months ended 30 September 2014 together with details of the major acquisitions as well as board and management changes made on 2 October 2014.
Post-reporting period, STENPROP concluded transactions which included the acquisition of 45 buildings in Germany, Switzerland and the United Kingdom, as well as their management company, through the issue of STENPROP shares worth €318.8 million at €1.37 per share.
Paul Arenson, STENPROP CEO said: “The acquisitions have created an internally managed portfolio of quality assets backed by a highly experienced and motivated team who will deliver sustainable and growing distributions and capital growth, while at the same time growing and improving the quality of the portfolio.”
Including the acquisitions made post-reporting period, STENPROP’s EPRA (European Public Real Estate Association) NAV of €1.46 per share showed an increase of 6.6% on the €1.37 issue price of the shares.
Pro forma diluted Adjusted EPRA EPS were 9.80 cents, equating to a 7.1% earnings yield on the issue price of €1.37.
STENPROP’s current portfolio split by value is 39% in the United Kingdom, 41% in Germany and 20% in Switzerland. The gross lettable area is approximately 230,000m2 generating a net annual rent of €41 million predominantly in the office and retail sectors which account for 47% and 37% of rental income respectively.
Patsy Watson, STENPROP CFO, added: “We have an attractive pipeline of quality investment opportunities in the United Kingdom, Germany and Switzerland and we lookforward to continued engagement with existing and potential South African shareholders to support our strategy in 2015.”
Following the acquisitions, Paul Arenson was appointed Chief Executive Officer, Patsy Watson Chief Financial Officer and Neil Marais executive director of STENPROP. They have extensive UK and European property experience, including the management of the acquired portfolio.
“Based on current economic conditions, we expect performance for the full year to be in line with that of the first six months,” concluded Arenson.