AIM-listed European property investor Hansteen has completed a EUR 130mln bank financing of its property investments in the Netherlands with FGH Bank. The bank is part of Rabo Bouwfonds and specialises in financing commercial real estate.
AIM-listed European property investor Hansteen has completed a EUR 130mln bank financing of its property investments in the Netherlands with FGH Bank. The bank is part of Rabo Bouwfonds and specialises in financing commercial real estate.
The five-year loan facility covers properties owned by Hansteen Netherlands and Hansteen Ormix and represents approximately 60% loan-to-value.
The financing runs alongside Hansteen’s existing EUR 200mln Bank of Scotland facility, which has three years to expiry. In addition to extending the period covered by the loans, Hansteen has additional committed facilities enabling it to draw down a further EUR 110mln for new acquisitions. The company raised an additional £70mln at 131 pence per share in February 2007. The proceeds are being used to accelerate the assembly of its property portfolios, particularly in Continental Europe, the company said.
Morgan Jones, joint chief executive of Hansteen, said: 'We are delighted to have agreed this long term facility with FGH, particularly in this time of great uncertainty in the credit markets. It significantly increases our balance sheet strength and investment capability.'
Hansteen raised £125mln on its flotation on AIM in November 2005 and has a current market capitalisation of about £200mln.
