Hansteen acquires more European warehouses

Hansteen, the AIM-listed investor in continental European real estate, has acquired seven investment properties in the Germany, the Netherlands and France for a total of EUR 44.5 mln. The properties produce a combined rent of EUR 3.86 mln.

The company bought three properties in Germany. The first is a 89,000 m² industrial site, with three warehouses, on the outskirts of Otigheim, a city in Baden-Wurttemburg, for EUR 9.1 mln. The other two properties are logistic warehouses in Rodgau and Mulheim in the Rhein Main area for a total of EUR 7.5 mln. The total rent for the buildings is EUR 656,595 a year.

In the Netherlands, Hansteen bought a 14,182 m² industrial unit near the city of Deventer from a private investor for EUR 7.4 mln. The property is let to German stationary company Eddings for EUR 686,480 per year on a lease that expires in September 2010.

Hansteen also acquired a 10,750 m² warehouse and office property from a private investor in the eastern Dutch city of Tiel. In Hardenberg, near the city of Zwolle, the company acquired a 5,107 m² site with a warehouse, recycling centre and storage space for EUR 4.2 mln. Hansteen paid EUR 9.5 mln for two logistics warehouses (16,270 m² and 5,730 m2) in Lyon, France. The properties provide a rental income of EUR 805,000 a year.

In late July 2006, Hansteen acquired three investments in Germany and the Netherlands, worth EUR 24 mln. And in the two months before that, Hansteen invested a total of EUR 60 mln in Germany, France, the Netherlands and Scotland.