24th Oct 2019 09:42
(Alliance News) - Hansteen Holdings PLC said Thursday its portfolio performed "strongly" in the third quarter.
The property investor said it completed 236 new lettings and lease renewals in the three months to September 30. This represents an average of 79 transactions per month, which is higher than the 62 average reported in the first half.
Hansteen said these leases will generate GBP3.3 million in annual contracted rent, completed at an average of 17% ahead of previous contracted rent.
The company said it recorded seven individual profitable sales in the quarter for GBP1.6 million, generating profit of GBP250,000 compared to the properties December 31 valuations.
"We have specialised in urban multi-let industrial property for 30 years and we haven't seen such an active occupational market with the pace and depth of rental growth that we are currently enjoying," said Joint Chief Executives Ian Watson and Morgan Jones.
Shares in Hansteen were 0.8% higher in London on Thursday at 99.60 pence each.
By Paul McGowan; [email protected]
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