AIM-listed European real estate investor Hansteen said that it has completed six acquisitions for a total of EUR 29 mln in Continental Europe. The properties currently generate annual rental income of EUR 2.44 mln with a potential rent roll upon the letting of vacant buildings of over EUR 3 mln.
AIM-listed European real estate investor Hansteen said that it has completed six acquisitions for a total of EUR 29 mln in Continental Europe. The properties currently generate annual rental income of EUR 2.44 mln with a potential rent roll upon the letting of vacant buildings of over EUR 3 mln.
The bulk of the acquisitions were in Germany where total transactions came to EUR 22 mln. The assets include two office and warehouse buildings providing 3,848 m2 of space close to Dusseldorf airport and a modern 7,120 m2 warehouse and office property in Leonburg. All these building are currently vacant.
The company also acquired a small portfolio of properties in Freising, near Munich, with a current rent of EUR 316,000 per annum. The properties are part of a larger portfolio, which Hansteen has contracted to buy from a German bank. The remainder of the portfolio (valued at approximately EUR 4 mln) should complete within the next few months.
In southwest Germany, Hansteen purchased two properties: a 35,995 m2 production and storage facility in Offenburg which generates an income of some EUR 1.4 m per annum and includes some development land and a 770 m2 satellite testing station in Allmersbach which produces an annual rental income of EUR 36,900.
In the Netherlands, the company purchased some 4,361 m2 of warehouse and ancillary office space in Drachten for EUR 1.6 mln with a current rental of EUR 150,000 per annum. And in France, Hansteen acquired a 17,500 m2 logistics property north of Marseille for EUR 5.43 mln which generates an annual rental income of EUR 475,234.
The acquisitions round off a busy year for Hansteen. The company acquired 56 properties with a combined value exceeding EUR 300 mln (£227 mln) at average yields close to 8% in 36 different transactions.