European industrial property investor Hansteen said it has purchased three properties in Germany and the Netherlands for a total EUR 18.2 mln. The deal reflects an initial yield of 8.4%. The assets generate a combined rent of EUR 1.52 mln.
European industrial property investor Hansteen said it has purchased three properties in Germany and the Netherlands for a total EUR 18.2 mln. The deal reflects an initial yield of 8.4%. The assets generate a combined rent of EUR 1.52 mln.
In Germany, Hansteen has purchased a long leasehold property in Ludwigshafen from German bank IKB. The block of buildings is adjacent to a new shopping centre being developed by German developer ECE and has the potential to provide pedestrian access from the current town centre to the new shopping centre. The buildings provide retail, residential and office space.
In the Netherlands, Hansteen has now completed the sale-and-leaseback of a property in Raamsdonkveer, occupied by Bouwgros. The property is a storage and distribution facility including offices and showrooms. Furthermore, Hansteen has completed the purchase of a forward-funded new build warehouse, in Roosendaal. The 6,150 m2 warehouse is let to Adexpo.
Hansteen also announced the sale of three properties at or above book value for a total sum of EUR 7.50 mln, reflecting an average yield of 6.7% The properties are located in Germany, the Netherlands and Belgium, representing a small profit over book value and a combined exit yield of 6.7%.
Ian Watson, joint Chief Executive of Hansteen said: ' We are delighted to have sold properties at a profit in the current environment and have bought some excellent properties with good yields and opportunities to add values. Whilst there are very few buyers about at present we will continue to pursue individual sales and purchases where we can see real value.'
