UK-listed REIT, Stenprop, has changed its name from ‘Stenprop Limited’ to ‘Industrials REIT Limited’ in an alignment with its corporate identity and its investment strategy.
The proposed name change was approved by shareholders at the company’s AGM on the 10th of September 2021 and its shares will trade under the ticker ‘Multi-Let Industrial’ (MLI) on both the London and Johannesburg Stock Exchanges (JSE).
Stenprop began focussing its portfolio away from geographically diverse, multi-sector assets in 2017, having identified several underlying structural trends that the management team believed would lead to income growth and returns in the MLI sector, compared to other real estate asset classes.
Following the sale of its Trafalgar Court office building in Guernsey in early September 2021, the company’s MLI portfolio comprises of 92% of its total portfolio, based on asset valuations as at the 31st of March 2021. The REIT remains on track to achieve its target of being a 100% MLI business by March 2022.
“Adopting the Industrial REIT name marries our operating and corporate brands and aligns our name more closely with the MLI asset class that the company now owns and operates” commented CEO of Industrial REIT Limited, Paul Arenson. “The change marks an exciting new chapter in the company’s evolution to a fully-fledged MLI operating business”.
“Since starting our transition towards solely focusing on the UK MLI sector in 2017, we have completed over £500 million in disposals of non-core assets and recycled this capital to acquire over 5.5 million square feet of MLI space, while at the same time, building a market leading operational platform to manage and scale our MLI portfolio” he concluded.
