UK REIT Hansteen has closed the deal to sell its entire German and Dutch light-industrial portfolios to a joint venture of Blackstone funds and M7 Real Estate for €1.28 bn.
The transaction, which was originally announced on 20 March, sees the portfolios transferred to the Onyx venture on a debt free basis. It covers 100 German assets, valued at €887 mln, and 71 assets in the Netherlands, valued at €308 mln.
Hansteen said that the completed deal resulted in net cash proceeds to the group of approximately €750 mln.
The disposal realigns the UK firm's focus on its home market, where it has 286 properties, valued at €626 mln. Its French and Belgian assets are valued at €17 mln.
Hansteen confirmed it intended to distribute a substantial portion of the net cash proceeds to its shareholders.
