14th Dec 2005 07:00
Hansteen Holdings plc14 December 2005 0700, 14 December 2005 HANSTEEN HOLDINGS plc Hansteen acquires first properties for €73.35 million (£50 million) Hansteen Holdings plc ("Hansteen" or "the Company") (AIM: HSTN.L), the recentlylisted property company formed by Ian Watson and Morgan Jones, founders andformer directors of Ashtenne Holdings ("Ashtenne") announces its firstacquisitions. In four separate transactions the Company has acquired €73.35million (£50 million) of industrial/distribution property in the Netherlands andGermany, with an average yield of approximately 8%. In the first transaction, Hansteen acquired six properties across theNetherlands, totalling 45,300 m2 (487,605 sq ft) for a gross value of €25.5million (£17.28 million) and a current yield of 8% net. The properties wereacquired from a Dutch private investor. The properties are located in Deventer (5,700 m2 / 61,354 sq ft); Hoogeveen(6,800 m2 / 73,194 sq ft); Raamsdonksveer (7,000 m2 / 75,347 sq ft); Emmeloord(4,000 m2 / 43,056 sq ft); Dedemsvaart (5,200 m2 / 55,972 sq ft) and Almelo(16,000 m2 / 172,223 sq ft). Some 4,000 m2 (43,056 sq ft) of the properties arevacant but benefiting from rental guarantees. Tenants include companies such asStork Fokker, Alpac International and Pemstar. In the second transaction, Hansteen has acquired three properties in theNetherlands and Germany. The properties were acquired from Warner EstateHoldings plc and previously formed part of the Ashtenne portfolio. With a grossvalue of €20 million (£13.55 million), the properties have a current rent rollof €1.45 million (£0.98 million), representing a 7.25% yield. The Dutch property is a seven unit 51,097 m2 (550,000 sq ft) logistics warehousepark in Amersfoort, near Utrecht. Tenants include the global logisticsorganisations Excel and Fedex, as well as a Dutch car dealership, A&D Autos BV.34% of the properties are vacant. The other two properties are distribution units in Coburg (2,190 m2, 23,573sq ft)and Hallstadt Bamburg (2,717 m2, 29,246 sq ft), let to Rexel Group, a world leading distributor of electrical parts and supplies. The third acquisition is a portfolio of four distribution units in theNetherlands with a gross value of €18 million (£12.2 million)and a net yield ofaround 8%. The units are in Alphen aan den Rijn (6346 m2), Hoofddorp (1915 m2),Amsterdam (1915 m2) and Nijmegen (25,661 m2). Tenants include Shell, TPG Post,Murata Electronics and Briggs and Stratton. The fourth purchase is a single let distribution unit in Heilbronn in Germany.The 7,000 m2 building, which was built in 2000, is let until 2016 to DPD (GermanParcels). The rent payable is €853,000 per year and the total acquisition costis €9.85 million. Commenting on the transactions Ian Watson, Joint Chief Executive of Hansteensaid: "These acquisitions are in line with our strategy: income producing, highyielding properties let to good tenants. All have been acquired off-market. Weare particularly confident of adding value at Amersfoort; we acquired it with100% vacancy when we were at Ashtenne and achieved 60% occupation. We believethat further lettings can be achieved." For further information:Morgan Jones /Ian Watson Jeremy Carey/Richard SunderlandHansteen Holdings plc Tavistock CommunicationsTel: 020 7016 8820 Tel: 020 7920 3150 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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