Hansteen sells four properties in Germany for €19m

European industrial REIT Hansteen has sold an industrial estate and three development sites in Germany for €18.9 mln.

The Delta Forum estate, a multi-let industrial site, has been bought by CBRE Global Investors for €15.95 mln. The 20,257 m2 estate was 99% occupied when sold, representing a gross yield of 7.3%. Tenants include Rhenus Logistics, MBS Medical Solutions and Indat Robotics.

Hansteen has also sold two plots of land in Offenburg to Sunshine Real Estate and Saigak & Stern for €1.5 mln. The sites have planning consent to develop a petrol and gas station and car wash.

The company has also sold an 18,300 m2 site in Langenfeld to a local private investor for €1.5 mln. The land was purchased in June 2012 as part of the Dexus portfolio.

Paul Rodger, Hansteen’s Germany director, said: ‘The Delta Forum property was purchased as part of the larger HBI portfolio acquisition in 2010 with a vacancy of 12% and, having moved the estate to virtually full occupancy, we identified the estate as ripe for sale.

‘This sale, together with the others in Germany, highlights our regional teams’ ability to add value through intensive asset management.’