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Stenprop eyes real estate investment trust conversion, London listing

Stenprop Ltd. is looking at the option of converting into a real estate investment trust and listing on the London Stock Exchange, Business Day reported.

The Johannesburg- and Bermuda-listed company is also mulling a change in its reporting currency to sterling from euro due to the relatively larger weighting of its U.K. portfolio, the June 8 report noted.

Stenprop is set to acquire a portfolio of 25 multilet industrial properties and its management business, C2 Capital Ltd., in a transaction that values the businesses at £130.5 million. Prior to the deal, Stenprop's portfolio, which is spread across the U.K., Germany and Switzerland, was worth approximately €900 million, according to the report.