12th Feb 2007 07:01
Hansteen Holdings plc12 February 2007 12 February 2007 Hansteen Holdings plc ('Hansteen' or 'the Company') Hansteen acquires £30 million of investments in Netherlands, Germany and France,totalling 78,039sqm (840,004 sq ft) Hansteen (AIM: HSTN), the investors in continental European real estate,announces today that it has acquired a further seven investment properties inthe Netherlands, Germany and France for a total of €44.5 million (£30 million),producing a rental income of €3.86million (£2.6million). The NetherlandsIn the Netherlands, Hansteen has acquired a 14,182 sqm (152,653 sq ft)industrial unit in Lochem, near Deventer for €7.4million (£5million) from aprivate investor. It is let to Eddings, a German stationery company, for€686,480 (£462,186) per annum on a lease expiring in September 2010. Hansteenwas represented by Evert Den Outer. The Company has also acquired a property based in Tiel, west of Arnhem, for €6.8million (£4.5 million) also from a private investor. The 10,750 sqm (115,712 sqft) warehouse and office accommodation is let to three individual tenants,generating a total rental income of €593,478 (£399,525) per annum. The largesttenants are Van Huet Glasstransport B.V. and Centraal Boekhuis. In Hardenberg, east of Zwolle, the Company has acquired, for €4.2 million (£2.8million,) a 5,107 sqm (54,971 sq ft) site from Schoeller Arca Systems, which issubject to a 15 year leaseback, at an annual rent of €350,000 (£235,631). Theproperty contains two units, the first of which is a basic storage warehouse,and the second a research and recycling centre with mezzanine offices. Inaddition, the site includes approximately 2 hectares (4.9 acres) of storageland. Statement acted for Hansteen on the acquisitions in Tiel and Hardenberg.This purchase completed in January 2007. FranceIn France, Hansteen purchased a site containing two logistics warehouses of16,270 sqm (175,128 sq ft) and 5,730 sqm (61,677 sq ft) in Saint Priest, Lyonfor €9.5million (£6.4million). The buildings are let to Venditelli Transport andJura Transport on leases expiring in 2013. The properties are strategicallylocated in a key industrial / distribution district of Lyon and provide a totalannual rent of €805,000 (£541,901). Hansteen was represented by Brown CooperMarples and the vendor by Atisreal. GermanyIn Germany, Hansteen has purchased three properties. The first is an 89,000 sqm(957,988 sq ft) industrial site on the outskirts of Otigheim, a city inBaden-Wurttemberg, bought for €9.1 million (£6.1 million). The propertycomprises three warehouse buildings covering an area of 13,718 sqm (147,659 sqft), on a total land plot of 89,000 sqm (957,988 sq ft), which gives adevelopment ratio of 15.4% buildings to land. The entire property was purchased from Herbstreith & Fox, a producer of pectinfor the food and non food industry, and has been leased back for a period ofeight years at a rental of €770,000 (£518,403) per annum. The second and third properties were purchased for €7.5 million (£5 million) andcomprise two logistic warehouses based in Rodgau and Mulheim in the Rhein Mainarea. The unit in Rodgau is an 8,531sqm (91,826 sq ft) logistics facility withancillary offices let to Kuhne & Nagel, an international logistics operator. InMulheim the 5,045 sqm (54,303 sq ft) warehouse and ancillary offices and is letto Alibert Transport GmbH, on a lease expiring in December 2010. The total rentfor these buildings is €656,595 (£442,123) per annum. This purchase completed inJanuary 2007. DisposalsAdditionally, three properties in the Netherlands, which are currently occupiedby DHL have been sold, providing good returns on the Company's initialinvestments. In Arnhem a 7,873sqm (84,744 sq ft) building was sold for €3.1million (£2.1 million) and a 2,319 sqm (24,961 sq ft) property in Eindhoven wassold for €2.25 million (£1.51 million). Both these buildings were sold toconsortiums of private investors. In Hoofddorp, an 8,921 sqm (96,024 sq ft)property was sold to Slough Estates for €5.65 million (£3.80 million). Theagents for all three properties were Boer Hartog Hooft. Ian Watson, joint chief executive of Hansteen commented "Each of theseinvestments has been identified due to its quality, high yield and the fact thatwe were able to acquire them at below replacement value. Additionally, everyproperty offers us asset management opportunities. We have now carried out sixsale and leaseback transactions in Europe and continue to see these as a sourceof good opportunities. For further information: Morgan Jones/Ian Watson Jeremy Carey/Richard SunderlandHansteen Holdings plc Tavistock CommunicationsTel: 020 7016 8820 Tel: 020 7920 3150 Notes to editors: Hansteen Holdings plc is a property company formed by Morgan Jones and IanWatson, the founders and former directors of Ashtenne Holdings plc. Hansteenraised £125 million on its flotation on AIM in November 2005, which was 3x oversubscribed. Hansteen focuses on investing in industrial properties in Continental Europe,which have higher yields, cheaper financing costs, and greater opportunity forvalue improvement through asset management than can be achieved currently in theUK. It will also seek to profit from opportunistic acquisitions in otherproperty sectors both in the UK and abroad. Hansteen is listed on AIM, trading under the symbol HSTN and has a marketcapitalisation of around £170 million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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