INTERNATIONAL - Stenprop, the listed UK multi-let industrial properties real estate investment trust (Reit), has reported the disposal of seven properties in Switzerland for a total of £79.73 million (R1.38billion).
The disposals were in line with Stenprop’s previously stated intention to become a specialised UK multi-let industrial Reit and sell substantially all of its non multi-let unit assets over the next few years, using the sale proceeds to build a focused UK multi-let unit business.
It also previously announced its intention to dispose of its Swiss portfolio in line with this strategy. Stenprop said yesterday that it had completed the disposal of Altendorf and Arlesheim, two of its Swiss properties, this week to Helvetica Swiss Commercial AG, a wholly owned subsidiary of Helvetica Swiss Commercial Fund, a real estate fund focused on Swiss property. It said it had this week also disposed of an additional five Swiss properties.
- BUSINESS REPORT