Stenprop Share Discussion Threads

[nickrl] 29/10/2021 09:08

MLI out with Q2 trading update no NAV update like some others but now predominantly industrial following its various disposals. Still picking up industrial estates at NIY of 6.5-7% which seems good given how heated this sector is although they are more down the smaller unit end so perhaps not as useful for logistics/online.

Link below as the ticker has changed to MLI so not being picked up



Yield not great at 3.6% and divi already reported to stay unchanged in FY22 and as trading on a hefty premium not sure there is much more to be had here but ought to be steady income with at least inflationary boost up every year now the transition is largely complete.

[cwa1] 29/10/2021 09:02

Name change to Industrials REIT and a shiny new board, feel free to drop in :-)

[playful] 26/8/2021 06:09

More wonderful news on further acquisitions today. The graph tells the story!

[playful] 06/8/2021 06:02

83% MLI Now...

James Wakelin, Head of Debt and Special Projects, commented: "This completes the sale of our EUR95 million Berlin shopping centre portfolio, which we achieved at an average premium of 18% above March 2020 book value. With further disposals underway, we remain on track to complete our transition to being a 100% UK MLI business by March 2022."

[playful] 03/8/2021 11:35

Standard Life Aberdeen plc holding > 5%

[playful] 30/7/2021 08:16

Watching the TU presentation - I liked the SIC code break down of the 1200 customers gives a great insight into tenant diversification.

[playful] 11/6/2021 08:19

I’m certainly interested 😊

[cwa1] 11/6/2021 06:53

Prelims released, in case anyone else is interested...

[macc1] 30/4/2021 16:31

Here's a recording of this mornings trading update:

[battlebus2] 18/3/2021 08:43

We sure are. Love this stock, it’s a slow steady riser.

[playful] 17/3/2021 22:41

We are doing well here.

[battlebus2] 24/2/2021 16:53

Yep a great vote of confidence.

[playful] 24/2/2021 10:40

Paul Arenson buys one million shares!

[playful] 30/1/2021 12:41

Please find the below links for the webinar, presentation, and report.

Watch the webinar



View the presentation


Read the report

[playful] 29/1/2021 07:18

Everything going as planned here and the cherry on the cake...

Upon completion of these two new debt facilities the average cost of senior debt on the UK industrial portfolio fell from 3% to 2% per annum, equating to an interest saving of approximately GBP1.3 million per annum on a like for like basis.

[skyship] 03/1/2021 11:19

Well, that should certainly help them tomorrow.

[cwa1] 03/1/2021 09:12

For the little it may be worth, Stenprop have been tipped as one of the MoS Midas 2021 favourites:-

[skyship] 03/1/2021 09:00

CWA - I really don't understand the valuations for their 22nd December purchases totalling £12m. 3 separate MLI assets with an NIY averaging 6.4%.

That yield seems very low to me.

In a rush to reinvest they may be paying a bit too much IMO. Especially with the increasing talk of inflation and rising interest rates.

[cwa1] 29/12/2020 07:39

DISPOSAL OF BERLIN SHOPPING CENTRE FOR €30.8 MILLION

Hermann Quartier sale will conclude €95 million of non-core disposals in the financial year to date at an average of 18% above March valuation, providing further capital to recycle into multi-let industrial

Stenprop, the UK multi-let industrial ("MLI") property company, announces that it has exchanged contracts on the sale of its freehold interest in the Hermann Quartier shopping centre in Berlin, Germany (the "disposal") to Munich based firm ILG Capital GmbH, acting on behalf of the regulated special property fund ILG Einkaufen D managed by IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, for € 30.8 million. The disposal price is in line with the 30 September book value^ and reflects a 19% premium to the 31 March 2020 valuation.

[playful] 22/12/2020 07:06

Impressive...

Reflecting the compelling fundamentals underpinning the sector, alongside the strength of our proprietary industrials leasing platform, we remain on track to be 75% MLI by the end of the current financial year.

[playful] 21/12/2020 07:59

You have to smile...

The disposal price is at our 30 September book value and reflects a 19.3% (EUR6.05 million) premium to the 31 March 2020 book value

[playful] 15/12/2020 07:36

The new loan being fixed at an annual rate of 1.66% compared to 3.2% on the previous arrangement.

Wonderful!

[playful] 04/12/2020 07:20

You cant complain about today’s results and the increase in leasing enquires underpins the investment case here..


Financial Highlights: continued balance sheet strength
-- 4.4% increase in diluted IFRS net asset value per share to GBP1.43 (31 March 2020: GBP1.37).

-- 4.3% growth in EPRA Net Tangible Assets ('NTA') per share to GBP1.44 (31 March 2020: GBP1.38) driven by an asset management led uplift in property values, with like-for-like total portfolio valuation growth of 4.4%.

-- Diluted IFRS EPS was 8.38 pence (2019: 4.59 pence). Adjusted EPS was 3.40 pence (2019: 3.41 pence).

-- Strong balance sheet with cash and cash equivalents of GBP51.1 million, including free cash of approximately GBP40 million.

-- Group LTV was 36.6% (March 2020: 40.8%), falling to 29.6% when applying free cash (March 2020: 27.7%). Significant headroom exists for both interest cover and LTV loan covenants.

Maintenance of fully covered dividend
-- Fully covered dividend maintained at 3.375 pence per share for the six months ended 30 September 2020. A scrip alternative will be offered, which the directors intend to match through the buyback of shares.

[playful] 04/12/2020 06:16

Join us this morning at 9am for our Half Year Results presentation. To register, please visit...