27th Nov 2007 10:42
Hansteen Holdings plc27 November 2007 27 November 2007 Hansteen Holdings plc ("Hansteen" or "the Company") Hansteen acquires property in Germany and the Netherlands for €53 million Hansteen (AIM: HSTN), the investor in continental European real estate,announces that it has acquired nine properties for, in aggregate, a totalconsideration of €53 million. These properties are currently generating annualrental income of €4.1 million (£2.9 million). Six of the properties acquired are located in Germany and three in theNetherlands. The properties in Germany and the Netherland were acquired fortotal considerations of €27.5 million (£19.6 million) and €25.5 million (£18.2million) respectively. Germany In Kriftel, near Frankfurt, a good quality, well-located distribution buildinghas been purchased. The property is occupied on a rolling lease by TNT,generating an annual income of €220,000 (£157,142). Additionally, Hansteen has acquired a 3,590 sq m light industrial and officebuilding. Located in a commercial area of Aschaffenburg, the building is closeto the A3 Autobahn and is approximately 45 kilometres from Frankfurt Airport.From its nine tenants, this property currently generates €227,935 (£162,810) ofrental income annually. Four opportunistic acquisitions for, in aggregate, approximately €23.25 million(£16.6 million) have also been completed. These include a modern, local shoppingparade, two residential developments, in Halle and Magdeburg respectively, and amulti-let office building in Stuttgart. The shopping parade, located 25 miles north east of Coburg in Lauscha, provides863 sq m of retail space in addition to 58 parking spaces. Currently, theproperty generates rental income of • 83,037 (£59,312) per annum. The maintenant is Penny (Rewe-Group). This new purchase fits well within Hansteen'sexisting portfolio of retail property. In Halle, Hansteen has acquired a 10,757 sq m office and residential complex,which was built in the mid 1990's. At present, the annual rental income is€437,392 (£312,423). At current market level, the property would generate annualincome in excess of €650,000 (£464,285) if fully occupied. 7,072 sq m of residential space in Magdeburg has also been bought, comprising 17multi-family houses, 122 recently modernized flats and two shop units. Thisacquisition is currently delivering income of €385,000 (£275,000) a year. Hansteen has also completed the acquisition of Tower 99; a 7,800 sq m.refurbished multi-let office building in Stuttgart. This property's currentincome from annual rent is €854,000 (£610,000), which represents an average rentof €9 (£6.4) per month per sq m. The Netherlands Hansteen Ormix B.V. ("Hansteen Ormix"), Hansteen's Dutch joint venture, whichwas established to acquire prime logistics properties, has completed theacquisition of three properties in the Netherlands. A logistics complex in Bunschoten, Utrecht comprising 15,000 sq m of lettablespace (including 3,600 sq m outside area) has been acquired. The complex isfully let to Polynorm Automotive B.V and Prefab Beton Vebo B.V. with an annualrent of €608,320 (£434,514). In Almere, Hansteen Ormix has acquired a prime warehouse. Let for ten years on afull repairing basis to BAS group, the warehouse comprises 12,101 sq m and hasannual rental income of €962,500 (£687,500). Additionally, a newly built logistics warehouse, comprising 6,892 sq m oflettable space, has been acquired. Located in 'S Heerenberg, close to the DutchGerman border, the property is generating rental income of €344,500 (£246,071) ayear. The property is fully let on a ten-year lease to Lowland FashionInvestments, a clothes distributor. Morgan Jones, joint Chief Executive of Hansteen commented: "The markets inGermany and the Netherlands remain healthy and we believe that theseopportunistic purchases represent good value." For further information: Ian Watson/Morgan Jones David Davies Jeremy Carey/Rachel DrysdaleHansteen Holdings plc KBC Peel Hunt Tavistock CommunicationsTel: 020 7016 8820 Tel: 020 7418 8900 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. 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 currentmarket capitalisation of over £240 million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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