London-listed industrial property company Hansteen Holdings has acquired Horndon Industrial Park in the UK from the joint administrators of Easter Investments Three Limited and agreed to buy three industrial units in Germany.
London-listed industrial property company Hansteen Holdings has acquired Horndon Industrial Park in the UK from the joint administrators of Easter Investments Three Limited and agreed to buy three industrial units in Germany.
The transactions have a total investment volume of £26 mln (EUR 33 mln) with a combined rent roll of £2.7 mln. The purchases, which are being funded from existing cash resources, reflect an initial yield of around 10.35%. The company also announced the sale in Germany of its holding at Leinfelden for EUR 7.9 mln and a property in Offenburg for EUR 1.5 mln.
Horndon Industrial Park is a 10-hectare multi-let estate comprising 54,520 m2 of older industrial units and yard space, 1,983 m2 of modern industrial units and 1,785 m2 of office space. The estate is currently let to 43 tenants and has a vacancy rate of 32.94%. Horndon Industrial Park is located directly opposite West Horndon Railway Station, 29 minutes from London Fenchurch Street by train and 4 miles from Junction 29 of the M25.
The German properties in Uhingen, Grevenbroich and Henstedt-Ulzburg, totalling a combined 25,188 m2, are fully occupied and are being sold by Cambridge Place Investments.
The sale of Hansteen's 12,233 m2 holding at Leinfelden, which it had owned since 2006, follows the extension of the lease term and expansion of the anchor tenant Kaufhof, part of the German company Metro.
The 5,411 m2 Building 110 at Offenburg, which Hansteen had owned since December 2007, was sold 80% vacant. Both sales were achieved above current book value and the original purchase price.
