11th Jun 2008 07:00
11 June 2008
Hansteen Holdings plc
("Hansteen" or "the Company")
New 130 million Euros bank financing
Hansteen (AIM: HSTN), the investor in continental European real estate, announces that it has completed a new 130 million Euros bank financing of its property investments in the Netherlands with FGH Bank.
The new loan is a five year facility covering the properties owned by Hansteen Netherlands B.V. and Hansteen Ormix B.V. representing approximately 60% loan to value.
The facility runs alongside Hansteen's existing 200 million Euros Bank of Scotland facility, which has three years to expiry. In addition to extending the period covered by the loans, Hansteen has additional committed facilities enabling it to draw down a further 110 million Euros for new acquisitions.
Morgan Jones, Joint Chief Executive of Hansteen said: "We are delighted to have agreed this long term facility with FGH, particularly in this time of great uncertainty in the credit markets. It significantly increases our balance sheet strength and investment capability."
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For further information: Ian Watson / Morgan Jones Hansteen Holdings plc Tel: 020 7016 8820 |
Matt Goode KBC Peel Hunt Tel: 020 7418 8900 |
Jeremy Carey / Gemma Bradley Tavistock Communications Tel: 020 7920 3150 |
Notes to editors:
Hansteen Holdings plc is a property company formed by Morgan Jones and Ian Watson, the founders and former directors of Ashtenne Holdings plc. Hansteen raised £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 for value improvement through asset management than can be achieved currently in the UK. It will also seek to profit from opportunistic acquisitions in other property sectors both in the UK and abroad.
In February 2007, Hansteen raised an additional £70 million at 131 pence per share. The proceeds are being used to accelerate the assembly of its property portfolios, particularly in Continental Europe.
Hansteen is listed on AIM, trading under the symbol HSTN, and has a current market capitalisation of circa £200 million.
Related Shares:
HSTN.L