Hansteen, the London-listed investor in industrial properties in Continental Europe, has bought nine assets in Germany and the Netherlands for a total of EUR 53 mln. The properties generate an annual rental income of EUR 4.1 mln, reflecting an initial yield of 5.6%.
Hansteen, the London-listed investor in industrial properties in Continental Europe, has bought nine assets in Germany and the Netherlands for a total of EUR 53 mln. The properties generate an annual rental income of EUR 4.1 mln, reflecting an initial yield of 5.6%.
Six of the properties acquired are located in Germany and were acquired fro EUR 27.5 mln. The assets include a distribution building occupied by TNT in Kriftel, near Frankfurt and a 3,590 m2 light industrial and office building occupied by nine tenants in a commercial district of Aschaffenburg. The bulk of the German transactions by volume were the opportunistic acquisitions of a local shopping parade 25 kilometres northeast of Coburg in Lauscha, and two residential developments in Halle and Magdeburg respectively, as well as a multi-let office building in Stuttgart. The total investment volume for the four acquisitions came to EUR 23.5 mln.
Hansteen Ormix, Hansteen's Dutch joint venture which was established to acquire prime logistics properties, completed the purchase of three warehouse properties in Bunschoten, Almere and 's Heerenberg in the Netherlands for EUR 25.5 mln. The assets comprise more than 30,000 m2 of lettable space. Morgan Jones, joint CEO of Hansteen, commented: 'The markets in Germany and the Netherlands remain healthy and we believe that these opportunistic purchases represent good value.'
Hansteen has a current market capitalisation of £240 mln (EUR 334 mln), having raised £125 mln during its flotation on AIM in November 2005.
