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Stenprop to sell London office building for £44M

U.K.-based Stenprop Ltd. agreed to dispose of the 112,597-square-foot London office building Euston House to Erel 4 SARL for an aggregate initial consideration of £44.3 million, which values the property at £95 million.

Stenprop CEO Paul Arenson said the deal completes a sales program of more than £216.6 million of Central London offices.

Net proceeds generated from the sale will be used to partially decrease debt and acquire additional multi-let industrial assets in line with the company strategy to transform completely into a U.K. multi-let industrial assets business, Arenson added.