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Hansteen Holdings Sells Saltley Business Park For GBP40 Million

Tue, 13th Mar 2018 08:55

LONDON (Alliance News) - FTSE 250-listed real estate investment trust Hansteen Holdings PLC said on Tuesday it has sold Saltley Business Park in Birmingham to the Secretary of State for Transport for a down payment of GBP40.0 million though a compulsory purchase order.

The order is under the High Speed Rail Act 2017, to allow for the construction of the first phase of the HS2 route.

Saltley Business Park is a multi-let industrial estate, comprising 1.08 billion square feet in 22 units with an estimated rental value of GBP4.6 million per year.

As part of the process, High Speed Two Ltd has conducted a mutual valuation process to establish the property's market value. On a short term basis, Hansteen will use the initial proceeds to reduce the balance on its revolving credit facility.

Shares in Hansteen Holdings were up 0.1% at 138.30 pence on Tuesday.

By Dayo Laniyan;

Copyright 2018 Alliance News Limited. All Rights Reserved.

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