Stenprop shares rise on JSE after acquisition

By Philippa Larkin

JOHANNESBURG – Stenprop leapt nearly 4 percent in early trade on the JSE on Tuesday after the property group said it had acquired two MLI properties for £11.1 million (about R237m) as it continued to pursue its goal to become a 100 percent UK multi-let industrial business.

The company said the properties comprised 18 high-quality units, in Glasgow, Scotland, and Stoke-on-Trent, England.

It said they were purchased in separate transactions, with a blended net initial yield of 6.5 percent.

Stenprop shares rose to a high of R25.94 in intraday trade. The group said it had made five acquisitions of MLI property valued at £39.95m since the start of Covid-19.