Hansteen Holdings, the AIM-listed pan-European property investor, has said it is adopting a guarded approach to further acquisitions in Continental Europe and will instead concentrate its efforts on bargain hunting in the UK real estate market.
Hansteen Holdings, the AIM-listed pan-European property investor, has said it is adopting a guarded approach to further acquisitions in Continental Europe and will instead concentrate its efforts on bargain hunting in the UK real estate market.
Announcing the company's results for the first six months of 2008, chairman Jamie Hambro said: 'We are cautious in our view of further acquisitions in Europe and are husbanding our resources to take advantage of significant opportunities from distressed sellers, particularly in the UK.'
He said Hansteen had posted good results against a backdrop of 'significant difficulties' in the property market. 'We have achieved continued growth whilst maintaining a strong balance sheet and low gearing,' he said.
The company reported a net asset value increase of 5% over the six months to 145 pence, compared to 138 pence in the full-year 2007. Normalised profit increased by 40% to £5.7mln but Hansteen made a pre-tax loss £1.6 mln as opposed to a profit of £13.6 mln in the same period last year.
Hansteen said its property assets are valued at £445 mln, up from £411.9 mln for the full-year in 2007. Annualised net rental income rose to £32.9 mln compared to £17.1 mln in the first half of 2007.
