14th Nov 2013 10:13
LONDON (Alliance News) - Property investors Hansteen Holdings PLC Thursday said rental income has continued to rise since the first half as it made a number of acquisitions.
In an interim management statement for the period July 1 to November 14, the company, which invests in continental Europe and UK industrial property, said total annualised rental income stood at GBP136.9 million, including UK funds, compared with GBP93.5 million at the end of June.
During the period, the company bought four properties worth GBP24.1 million and sold 13 properties totalling GBP12.3 million, GBP1.3 million above valuation. It also secured 401 lettings with annualised rental income of GBP10.4 million.
Hansteen also acquired a 27.5% stake in Ashtenne Industrial Fund during the period for approximately GBP53 million.
AIF owns almost 1.4 million square metres of multi-let industrial properties in the UK. The portfolio has over 3,000 units, on 240 individual estates, with an annual rental income of GBP43.6 million and a current vacancy of 17.9 %.
At October 31, the gross asset value of the properties was GBP456.4 million.
Hansteen's European arms experienced mixed fortunes. The German portfolio saw a 1.2% increase in rental income to EUR61.0 million since the first half on a like-for-like basis. Three sales were completed for a combined price of EUR5.2 million and a profit of EUR1 million over valuation.
However, in Benelux, like-for-like passing rent and occupancy remained flat, while there was no change to the portfolio in France.
The stock was trading at 104.90 pence Thursday morning, up 2.90 pence or 2.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
HSTN.L