UK multi-let industrial (MLI) property company Stenprop has invested £18.4m (€21.4m) to buy three estates.

Stenprop, which is planning to become a specialised UK MLI property company, said it acquired an asset in Newcastle for £10.9m from Aegon, bought the Lake Enterprise Centre in Bromborough for £4.2m and invested £3.37m to buy the Enterprise 5 asset in Bradford.

The latest deal brings the total number of MLI acquisitions since 30 September last year to eight for an aggregate value of £44.2m, the company said.

With these acquisitions, and following the completion of Stenprop’s German retail centre asset sales, which have already exchanged and are expected to complete soon, Stenprop’s MLI portfolio will account for 73% of total assets, as it remains on track to be 100% MLI by the end of the next financial year, the company said.

Will Lutton, the head of investment at Stenprop, said: “We have started 2021 where we ended last year, defying the macroeconomic uncertainty and lockdown restrictions to grow the MLI portfolio through identifying and executing upon on and off-market acquisitions and adding well let properties in supply-constrained locations where there is an opportunity to increase rents.

“Both the near and long-term drivers underpinning investment in the sector remain compelling, with strong rental growth and acquisition below replacement cost values. Our local management teams are looking forward to working with the new customers and to rolling out our operating platform across these estates.”

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