11th Mar 2014 10:06
LONDON (Alliance News) - Investment property group Hansteen Holdings PLC Tuesday reported an increase in profit and revenue for the full year, as demand for its properties remained strong.
The company, which invests in UK and continental European industrial property, posted pretax profit of GBP65.3 million for 2013, up from GBP46.2 million, as revenue rose to GBP83.0 million from GBP77.3 million a year earlier.
Investment property rental income rose to GBP78.4 million from GBP66.8 million, while property management fees increased to GBP3.2 million from GBP1.7 million in 2012. Trading property sales, however, dropped to GBP1.4 million from GBP8.8 million a year earlier.
Hansteen said it also was boosted by a GBP4.9 million profit on the sale of investment properties compared with just GBP855,000 in 2012, and a profit on the sale of subsidiaries of GBP1.3 million up from GBP56,000 a year earlier.
Overall, the company said annualised rent roll across its portfolio rose 59% to GBP134.9 million, from GBP84.7 million
The company's EPRA net asset value per share rose 9% to 91 pence from 83 pence in 2012. EPRA is the European Public Real Estate Association, the industry body for European REITs.
During the period, the company acquired a 27.5% interest in Ashtenne Industrial Fund in a deal worth GBP53 million. Ashtenne owns a number of sites in the North West.
Financially, net debt rose to GBP432.3 million from GBP325.0 million. The company also secured two new five-year loans totalling EUR343 million from HSBC Bank PLC, part of HSBC Holdings PLC, and a consortium led by German bank Helaba.
Hansteen increased its full-year dividend of 2.9 pence, up from 2.7 pence, making a total dividend 4.8 pence per share, up from 4.5 pence per share.
The stock was trading at 111.00 pence Tuesday morning, up 0.80 pence or 0.7%
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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