Hansteen, the London-listed investor in continental European real estate, has announced the acquisition of a further EUR 24.6 mln of commercial property in Germany and the Netherlands, bringing the total of property acquired by the company since listing on the Alternative Investment Market (AIM) in London during November 2005 to EUR 285 mln.
Hansteen, the London-listed investor in continental European real estate, has announced the acquisition of a further EUR 24.6 mln of commercial property in Germany and the Netherlands, bringing the total of property acquired by the company since listing on the Alternative Investment Market (AIM) in London during November 2005 to EUR 285 mln.
The company acquired a 12,240 m2 industrial unit in Milsbeek near the eastern Dutch city of Nijmegen for EUR 6.5 mln, inclusive of costs, from D Z Vastgoed. The proeprty is let to Bovema Beheer, a manufacturer of ventilation systems, at a rent of EUR 500,000 per annum. The lease expires in 2022. In Germany, Hansteen acquired an industrial complex of three buildings, totalling 47,000 m2, from knitting yarn manufacturer Sudwolle. Part of the complex will be leased back to Sudwolle and the remaining accommodation is let to two other businesses. The total rent roll is EUR 1.55 mln and the lease lengths range between 2008 and 2015.
Hansteen said it has a pipeline of over EUR 100 mln of acquisitions in Germany, the Netherlands, and France in due diligence, with about half of these transactions expected to be completed over the next few months.
