Art-Invest Real Estate is buying a €37.4m German retail centre from Stenprop.
Stenprop, which is planning to become a specialised UK multi-let industrial property company, said it has sold the Victoria Center in Berlin to Art-Invest Real Estate funds. The 13,718sqm asset is let to eight tenants.
The disposal price represents Stenprop’s 30 September book value and reflects a 19.3% premium to the 31 March 2020 book value.
Stenprop said it intends to use the net proceeds from the disposal to fund further acquisitions in UK multi-let industrial property.
James Wakelin, head of debt and special projects at Stenprop, said: “Our second Berlin retail centre disposal, achieved at a 19.3% premium to our March valuation, underlines both the strength of these assets and their appeal to the German domestic investor market as well as our ability to successfully execute on our stated asset management initiatives.
“The sale will allow us to continue our multi-let industrial acquisition programme in the UK, which has accelerated since the summer with the addition of 790,000sqft of new multi-let industrial space added to the portfolio.”
The Victoria Center disposal increases Stenprop’s multi-let industrial portfolio weighting to 68%.
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