Stenprop has exchanged contracts on the sale of its long leasehold interest in the Neucolln Carree retail park in Berlin, Germany to Union Investment for €27m. The disposal price reflects a €3.6m premium to the 31 March 2020 book value. Providing 13,364m² of gross lettable space the 14-unit retail park is anchored by an Edeka supermarket and provides a range of other convenience-led retail. The weighted average rental is currently circa €107 per m². The disposal is in line with Stenprop's strategy to become a 100% UK MLI business via the sale of all non-core properties in its portfolio and the reinvestment of the proceeds into UK MLI properties.
Paul Arenson, CEO of Stenprop, commented: "The sale of this asset at an attractive premium to valuation is a great result for the business and enables us to continue to deliver our strategy and focus on becoming the leading Multi Let Industrial business in the UK. We continue to make good progress with the sale of our other German retail assets and expect to be in a position to report on further progress soon."