BLP advises Stenham Property on its sale of interests in properties to new venture Stenprop
International law firm Berwin Leighton Paisner (BLP) has acted for Stenham Property on the sale of interests in properties with a value of approximately €667m to Stenprop Limited (formerly known as GoGlobal Properties Limited), a vehicle listed on the Bermuda Stock Exchange and the Johannesburg Stock Exchange’s AltX market.
The transaction also included the acquisition of related property management businesses previously servicing funds managed by Stenham and GoGlobal.
Stenprop will be run by the senior team formerly employed at Stenham and will initially hold assets comprising 53 buildings (26 properties in Germany, 14 in the United Kingdom and 13 in Switzerland) mainly in the office and retail sector. The company aims to build a sustainable dividend paying portfolio and to target properties with a strong income stream.
The BLP team was led by Corporate Finance Partner Paul Miller, assisted by Corporate Finance Associates Alexis Karim, Marie Johnson, Daniel Deal and Matt Oliver.
Paul Miller, Corporate Finance Partner, said: “The deal consolidated multiple property portfolios and was structured to deliver value to shareholders through the creation of a substantial, internally managed property company with shares listed in Johannesburg and Bermuda.
“Given the appetite of the South African market for exposure to quality income producing European assets, this provides investors with a stake in a diversified property portfolio as well as greater prospects for liquidity. We are looking forward to seeing Stenprop going from strength to strength.”