Stenprop reverse lists in GoGlobal

By Alistair Anderson

Goglobal Properties (GGP)‚ possibly the JSE’s most illiquid share because it has never traded since listing in April last year‚ has had a new property group called Stenprop reverse listed into it.

In its new incarnation as Stenprop‚ the listing will own a €700m portfolio made up mostly of retail and office assets in Germany and Switzerland‚ indicating a market capitalisation of about R4.5bn.

Last week Stenprop announced its nonexecutive chairman as Arrowhead Properties CEO Gerald Leissner. It named Paul Arenson as CEO and Patsy Watson as chief financial officer‚ both of whom live in London and have extensive UK and European property experience‚ the group said.

“Stenprop has excellent retail and office assets with sustainable quality income. We intend to build on this foundation by acquiring additional earnings enhancing properties. Going forward‚ the focus of Stenprop’s business plan is to deliver a sustainable and growing dividend stream to shareholders‚” Mr Arenson said.

“We are looking forward to continuing engaging with existing and potential shareholders to support our strategy‚” he said.

Mr Leissner said Stenprop would focus on Germany and Switzerland. “The yields are not as high there as here but the borrowing rates are much lower. We are signing up tenants for long-term‚ good leases‚” he said.

An analyst said Mr Leissner‚ who has more than 50 years’ experience in commercial property‚ may leave SA in the near future‚ to focus on the new fund.

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