Stenprop has moved a step closer with its plan to become a specialised UK multi-let industrial (MLI) with the disposal of seven Swiss assets for CHF103.7m (€89.2m).
The listed property investor said it has sold the Altendorf and Arlesheim properties held through its subsidiary Polo Property to Helvetica Swiss Commercial. Helvetica also acquired the Baar, Vevey, Montreux, Chiasso and Sissach properties.
Paul Arenson, the CEO of Stenprop, said: “The seven Swiss properties realized a value which is approximately CHF420,000 above the last independent valuation at 31 March 2018.
”Their sale releases further funds to reduce our leverage and reinvest into the UK multi-let industrial sector in accordance with our transition strategy.”
Stenprop has previously announced its plan to become a specialised UK MLI real estate investment trust and, over the next few years, to sell substantially all of its non-MLI assets and utilise the sale proceeds to build a focused UK MLI business.
Stenprop said its one remaining Swiss property in Lugano is undergoing substantial repositioning by the tenant, which is expected to be completed by October.
It will be marketed separately once all the works are complete and trading in the premises has been established.