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Stenprop sells retail asset in Berlin to Art-Invest for €37.5m
StockMarketWire.com
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Property investor Stenprop said it had agreed to sell its freehold interest in the Victoria Centre in Berlin, Germany to Art-Invest Real Estate Funds for €37.5 million.
Stenprop said the disposal price was at its 30 September book value and reflected a 19.3% premium to the 31 March book value.
It added that the deal was in line with its strategy of becoming entirely invested in multi-let industrial properties via the sale of non-core assets.
Net proceeds from the sale after deduction of anticipated transaction costs, repayment of debt and property taxes were expected to be €24.1 million.
'Stenprop intends to use the net proceeds from the disposal to fund further acquisitions in UK multi-let industrial property,' the company said.
Story provided by StockMarketWire.com
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