Stenprop converts to UK REIT

Paul Arenson, CEO of Industrial REIT Limited.
Paul Arenson, CEO of Industrials REIT Limited.

Stenprop Limited has announced its conversion to a UK REIT and the appointment of three new members to its board with effect from the 1st of May 2018.

The company has appointed Julian Carey (Group Property Director) as Executive Property Director, Richard Grant as Non-Executive Chairman and Philip Holland as Non-Executive Director. Stephen Ball has stepped down as Non-Executive Chairman and Neil Marais has stepped down as a Director – both members having served on the board since October 2014.

The conversion to a REIT and the appointment of the new board members is in line with Stenprop’s strategic change in focus to the UK multi-let industrial sector. The company intends to move its listing on the BSX to the Specialist Fund Segment of the London Stock Exchange, retaining its primary listing on the JSE. Stenprop anticipates the LSE listing to occur in late June 2018, following the publication of the company’s annual results. Earlier in March, Stenprop announced that it had migrated its jurisdiction of incorporation from Bermuda to Guernsey.

“We are making excellent progress in the strategic transition to the MLI sector and the proposed listing of the Company in London in June, which will give us the potential to fulfil our objective of delivering sustainable growth in earnings and distributions to our shareholders.

I am delighted to welcome Julian, Richard and Phil to the board. They are high-calibre individuals who join at an exciting time for the Company. Julian’s enthusiasm, expertise and experience in the MLI sector will be extremely valuable to us as we transition our portfolio into the MLI sector. Richard has an outstanding record and good experience of the listed property sector and Phil has extensive knowledge of property and finance.

I would like to thank Steve and Neil for their significant contribution to the Company over many years. They have provided sound leadership, wise counsel and strong support to the board. I wish them both every success in the future” concluded Paul Arenson, CEO of Stenprop.