14th May 2007 07:01
Hansteen Holdings plc14 May 2007 Embargoed for release: 7.00 Monday, 14 May 2007 Hansteen Holdings plc ("Hansteen" or "the Company") Hansteen acquires further €24 million of property - €100 million acquisition pipeline - Hansteen (AIM: HSTN), the investor in continental European real estate,announces that it has acquired a further €24.6 million (£16.7 million) of realestate in Germany and the Netherlands, bringing the total of property acquiredby the Company to date to €285 million (£194 million). In the Netherlands, Hansteen has acquired a 12,240m(2) (131,740 sq ft)industrial unit in Milsbeek near Nijmegen for €6.6 million (£4.5 million)inclusive of costs from D.Z.Vastgoed . It is let to Bovema Beheer BV,manufacturers of ventilation systems, at a rent of €0.5 million (£0.34 million)per annum on a lease expiring in 2022. Agents for the vendor were De Dommel. In Weiden, Germany, Hansteen has acquired an industrial complex of threebuildings totalling 46,950m(2) (505,300 sq ft) from Sudwolle Gmbh & Co KG, whichspecialises in the manufacture of knitting yarns, for €18 million (£12.2million) again including costs. The acquisition is subject to a partialleaseback to Sudwolle: the remaining accommodation, is let to Witt WeidenVersandhaus, a catalogue company; Quantos, an engineering company, and NachtmannBleikristallwerke, a glassware company. The total rent roll is €1.55 million(£1.05 million) and the lease lengths range between 2008 and 2015. Hansteen currently has a pipeline of over €100 million (£67.5 million) ofacquisitions in Germany, the Netherlands, and France in due diligence withapproximately half expected to complete over the next few months. Ian Watson, joint Chief Executive of Hansteen commented: "We are very pleasedwith these acquisitions and with the progress of our acquisition pipelinegenerally. As we become more established in some of our target marketsparticularly the Netherlands and Germany we are seeing more and more goodopportunities." For further information: Morgan Jones/Ian Watson 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 Ian Watson and MorganJones, 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. In February 2007, Hansteen raised an additional £70 million at 131 pence pershare. The proceeds will be used to accelerate the assembly of its propertyportfolios, particularly in Continental Europe. Hansteen is listed on AIM, trading under the symbol HSTN and has a currentmarket capitalisation of over £270 million. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSTN.L