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you could be right I suspect Hansteen have indicated to Warners bankers that they are waiting in the wings for a flatpack Thereis no real reason for the banks keeping Warners afloat apart from being busy putting fires out elsewhere they constitute a heavy management fee for looking after bank properties steady lettings at Saltley and Treforest for hansteen at the moment email is bodpropertyman@live.co.uk
When i get a spare moment i will get some deals for your clients to look at. I have not purchased any shares yet , waiting for a spike down in to early 60S again then lumping in 250k long term, i think this company will do a reverse takeover of ashteen that will hammer shareprice.
Plenty of upside with active management.voids ,reconfiguration and refurnishment to harness your skills.Maybe you can lick them into shape and pass them over to Hansteen 8% having already boughN a shedful of their shares I was a shed shifter in a former life I can remember hitting £3.25 per sq.ft in north London as a benchmark whilst on that score maybe you can help 2 active investment requirements Individual lots circa £1m min 9 years certain on lease reasonable covenant will buy in unfashionable location if theres a story 9% +yield required the other £5-10m similar will buy an over rented property
Hi 12% is a bit lame for a dump like South Wales , i am more in to the East Midlands, North of London area, might be worth a drive over at 20% . I really am not needing to buy at sub 20% at moment.
Banks still very nervous in lending on income streams of less than 5 years certain.Yields have moved out to 12% plus for these even on great buildings/locations as 40% equity usually required Yyou are taking all the risk and good luck to you so yes 20% seems a reasonable required return Banks are stilll putting industrial property owning companies into admin even when only marginally under water Easter being aprime example Just wished Hansteen portfolio wasmore uk based with continuing euro worries and Netherland sproblems Although they hve bought some fairly safe kit an dthe devaluation already factored in Appleby how about a small s wales portfolio mixed bag some active mangement required showing about 12% plus
I invest in sheds mainly buying large units and carving into smaller units, no problem getting funds from banks once income stream is in place, however i wont buy anything thats not returning 20% once setup. I buy mainly from auctions and receivers, this company is the topdog in this industry and the management knows the market,i think your bang on the money ,we think it might take 3-4 yrs for the shed market to get going again, need to be in place before instituitions get back in.
surprising that a FTSE 250 company doesnt attract any discussion here .Results today very good normalised profits up rents up vacancies down Ony wart is the NAV rediced reflecting a £19m drop in notional book values of their Benelux portfolio I cant seeany further devaluationswill be necessary healthy 4% dividend The main problem with theindustrial property market is that the banks are already heavy in and willl only lend very sparsley Cash is King. This doesnt affect Hansteen who have plenty of failities and firepower to take advantage of distressed purchase this share is only going to go one way
I am really surprised that the institutional market hasnt plunged in here Steady income flow likely to increase as economy improves Their purchases have all been 8% plus initial yields so massive inbuilt margins for armageddon situations.They have bought at the bottom of the cycle. Similar companies like m Industrious powered ahead on simiale lines last cycle and so did the Mds former company Ashtenne.They had the foresight to sell out at the top of the market before launching Hansteen .Great management great dividends great properties what more do you want
Hansteen management have excellent form in the multi-let industrial estate sector industrial sector.Been active through previous cycles.Buying solid stock showing initial yields of 8% plus maintaining and increasing yields by letting voids. Income stream likely to increase to show higher yields with a widening margin over borrowing They owned alot of stock with their Ashrtenne hat on and must be waiting to pounce on some of this stock to bring back under management (the devil you know) Likely to be picking up further stock as banks offload and possibly taking advantage eof off market deals. Major funds are moving back to this sector being nervous about retail and over supply of offices which are likely to depress yields in the 1/2year future making Hantteen more attractive. Very slight concern over their European portfolio prefer them to concentrate on home ground can see this sharre price moving quietly and steadily up wards over the next year or so
The Times’s Tempus column looks at property investment firm Hansteen which yesterday announced a £150m deal to buy the assets of a (possibly) distressed industrial property company. Tempus does a good job of explaining the rather complicated holding structure for Hansteen’s purchase but the essence is fairly straightforward. The company buys overlooked properties with a lot of vacancies, then seeks to boost yield. On the management’s track record Tempus says buy.
Coverage http://www.halifaxmarketwatch.co.uk/news.cgi?story=13547416&view=full&username=&ac=
Morgan Jones, Joint Chief Executive of Hansteen commented: "The portfolio is highly compatible with Hansteen's intensive management approach and the team's experience across the UK market. It has strong fundamentals and a high vacancy rate providing a great opportunity to create significant added value through improving occupancy and imposing our own approach." Ian Watson, Joint Chief Executive of Hansteen, added:"This substantial purchase completes the Fund and will materially add to Hansteen's earnings and future growth potential without significantly reducing our available firepower."
HANSTEEN ACQUIRES UK INDUSTRIAL PORTFOLIO FOR £150 MILLION Hansteen Holdings plc and the Hansteen UK Industrial Property Limited Partnership ("the Fund") have completed the acquisition of the entire property assets from The Spencer Group of Companies for £150 million gross (£147.1 million net). Hansteen, the investor in UK and Continental European property, is manager of, and co-investor in the Fund. The portfolio comprises some 88 assets totalling 4.1 million sq ft of predominantly industrial property located across the UK. Hansteen has acquired 44 of the assets with a current rent roll of £6.0 million (after deduction of head rents) and a vacancy rate of 41.6% for £75.2 million (gross), representing an initial yield of 8.0%, or 8.51% excluding development land, satisfied by £33.9 million of cash from existing resources and £41.3 million of new debt facilities provided by Lloyds Banking Group. The Fund has acquired 44 assets, with a current rent roll of £6.4 million (after deduction of head rents) and a vacancy rate of 17.2%, for £74.8 million (gross), representing an initial yield of 8.5%, utilising existing and new debt facilities provided by Royal Bank of Scotland. Following this transaction, assuming prudent gearing of 50% LTV, Hansteen has firepower of approximately £300 million for further acquisitions. The Fund is now effectively fully invested with gross assets of £166 million and debts of £76 million. The overall portfolio comprises: - 4.1 million sq ft across 68 freehold; 13 long leasehold; and 7 part freehold, part long leasehold properties. Hansteen have acquired 2.4 million sq ft and the Fund has acquired 1.7 million sq ft. - 65 properties in England (76.3% by value); 22 in Wales (22.0% by value); and 1 in Scotland (1.7% by value). - 37 acres of development land, all of which has been acquired by Hansteen. - 87.9% by value in industrial; 6.2% in offices; 3.0% hybrid units and 2.9% in development land. - Net annual rent receivable of £12.4 million after deduction of head rents equating to an overall initial yield of 8.3% (8.51% excluding development land). - Current vacancy rate of 31.7% with a total ERV of over £16.4 million per annum.
http://www.investegate.co.uk/Article.aspx?id=201112220700124634U
http://www.independent.co.uk/news/business/sharewatch/investments-rising-gold-prices-will-keep-randgold-on-track-despite-increasing-costs-6256325.html "Hansteen OUR VIEW: BUY SHARE PRICE: 75P (+0.95P) Hansteen, the UK and continental European property investment company, issued what analysts called another positive update yesterday. The rent roll was stable, the like-for-like vacancy figure was lower, and recent disposals were, as analysts at Peel Hunt highlighted, "all above current valuations". Indeed, despite harbouring worries about property markets in light the darkening economic outlook both here and on the Continent, we were reassured by the update. It showed that Hansteen was on strong ground, which will no doubt attract investors as they move away from riskier options in the sector. But it wasn't just the headline performance indicators that caught our attention. We were impressed by both by the strength of the balance sheet – Peel Hunt notes that Hansteen has "£400-£450m" of financial firepower – and the tasty dividend yield of well above 5 per cent. The two factors should once again lure investors on lookout for safer ways to maintain an exposure to the commercial property markets. And so, while we are generally cautious on the sector, we would back this particular stock for its quality characteristics."
Hansteen Holdings PLC - Interim Management Statement 2nd November 2011 Hansteen Holdings (LSE: HSTN), the UK and Continental European property investment company, announces its Interim Management Statement for the period from 1 July 2011 to 1 November 2011. Highlights: * Completion of €14.9 million acquisition in Hilden, Germany, representing net initial yield of 11.3% * Acquisition of three buildings at Aztec West Business Park, Bristol for £11.0 million * £3.7 million of disposals in the UK and €14.0 million of sales in Continental Europe, all sales at a combined yield of 6%. * Like-for-like vacancy in Q3 reduced by 16,000 sq m to 445,033 sq m * Like-for-like rent roll increase of £1.1 million in Q3 (rising to £2.6 million including the rent from Hilden) VIEW FULL STATEMENT HERE http://www.hansteen.co.uk/PDFs/20111102_Interim_M_Statement.pdf
Espirito Santo downgrades Hansteen Holdings from buy to neutral, target price cut from 93p to 81p.
Hansteen Holdings PLC (LSE: HSTN), the investor in continental European and UK real estate, announces its half year results for the six months ended 30 June 2011. Financial Highlights * Profit before tax increased by 115% to £16.8 million (HY10: £7.8 million) * Normalised profits* increased by 87% to £18.2 million** (HY10: £9.7 million) * Portfolio valued at £780.1 million (FY10: £744.6 million) * 30 June 2011 diluted EPRA Net Asset Value of 87 pence per share (FY10: 84 pence per share***) * 30 June 2011 IFRS Net Asset Value of 86 pence per share (FY10: 83 pence per share***) * Annualised rent roll of £61.5 million (HY10: £58.2 million) * Spring interim dividend of 2.1 pence paid May 2011, autumn interim dividend of 1.6 pence payable on 24 November 2011 (14% increase on the autumn 2010 interim dividend of 1.4 pence) Operational Highlights * £150 million (£146.5 million net of expenses) raised by way of a Placing and Open Offer at a price of 81 pence per share * 214 lettings and lease renewals with a total annual rent of £10 million * 20 sales across the Group with a total value of £17.8 million, a yield of 5.7% and a combined profit above book cost of £1.2 million * New £42 million loan concluded by the Hansteen UK Industrial Property Unit Trust (“HPUT”) for future acquisitions * Existing currency hedge strengthened by moving the floor from €1.42 to the £1 to €1.20 to the £1 * Profit before gains and losses on investment properties, sale of subsidiaries, sale of available for sale investments, foreign currency derivatives and foreign exchange and changes in fair value of interest rate derivatives ** Including £5.3 million insurance receipt ***Adjusted for the dilutive effect of the Placing and Open Offer announced on 13 April 2011 James Hambro, Chairman, commented: “This interim statement reports an encouraging first half and a significant financial strengthening of the Group. Profits are up both in total (£16.8 million compared to £7.8 million for H1 2010) and in earnings per share (2.8 pence compared with 1.6 pence for H1 2010). Net asset value has increased from 84 pence to 87 pence notwithstanding the £150 million placing and open offer and a materially increased dividend paid during the period. Furthermore, the Group has achieved this with low gearing and now has considerable capacity to make further acquisitions.”
HANSTEEN TO ACQUIRE GERMAN INDUSTRIAL PROPERTY FOR €15 MILLION Hansteen Holdings (LSE: HSTN), the UK and Continental European property investment company, announces that it has notarised two purchases of a substantial multi-let industrial estate and a modern car dealership investment located in Hilden, Germany, for a total acquisition cost of up to €14.9 million, representing a net initial yield of 11.3%. The vendor is a Company within the St Martins Property Group. The first purchase comprises a multi-let industrial estate with a lettable area of 26,514 sq m and a current rent of €1,385,605 per annum; tenants include Cable & Wireless and Verizon. Approximately 4,000 sq m, in three industrial units, with a combined lettable value of around €240,000 per annum, is currently vacant. The total acquisition cost is €11.8 million an initial yield of 11.4% and a reversionary yield of 13.7%. The second purchase comprises a Mercedes car dealership constructed in 2005 and let at a current rent of €335,000 per annum, on a lease to 2025 with no breaks. Hansteen has agreed to pay €2.95 million for this investment; however, the existing tenant has a pre-emption right which entitles the tenant to purchase the property for the same price within a month of having received formal notice about the acquisition. Accordingly this property may or may not be finally acquired by Hansteen. Hilden is centrally located in the Ruhr region, 10 km south of Düsseldorf and 35 km north of Cologne. The site has easy access to the A59, A46, and A3 motorways, which connect all the major cities in the Ruhr region and is located in the main industrial area of Hilden, an area characterised by many logistics companies and car dealers. Ian Watson, Joint Chief Executive of Hansteen commented: “We are absolutely delighted with these purchases which give Hansteen everything it normally looks for. Good quality property with a high yield and vacancy which should enable us to grow income and the capital value over time. We already have 14 assets within the region, which gives us a good insight into the current occupier market and gives us substantial management efficiencies.”
Hansteen Holdings (HSTN) retained its "buy" rating from Panmure Gordon, with a target price of 103p, in anticipation of interim results on 25th August. The broker expects the business to report adjusted earnings per share of 2.5p and NAV of 86p, with improved occupancy in the German and UK portfolios. Panmure also comments that the recent fund-raising has added to the company's finances, giving it the strength to pursue further acquisitions
Hansteen Holdings (HSTN) retained its "buy" rating from Evolution Securities, with a 90p target price. The broker believes that Warner Estates, in which the property company has a 18.5% holding, is heading towards dissolution in the next 18 months. If this happens Evolution believes Hansteen will be in prime position to acquire the ailing company's prime assets in the ensuing firesale and, in addition, could potentially take control of the Ashtenne Fund, managed by Warner, which Hansteen previously sold to it in 2005. The shares slipped 0.95p to 82.85p.
Very little discussion on this company Strong managment team. Ian Watson has been through the hoop on industrial property on a number of occasionsPrfer them to concentrate on Uk sector. lot of value in this sector at the moment high yielding stock because of funds aversion to short leases. Massive polarised yield gap but number of funds coming backck into this sector ING banka re a surprising entrant.Think I might mosey on in for the trip
Evolution Securities initiated coverage on Hansteen Holdings (HSTN) with a "buy" recommendation and 88p target price. The broker believes the group gives exposure to a highly reversionary portfolio of European industrial assets, with a prospective dividend yield of 5% in 2011, plus increasing exposure to the UK market. That said, given management's proven track record in this asset class, the considerable firepower available to them and the opportunities in UK industrial property now emerging, Evolution sees clear upside. Shares in Hansteen inched forward 0.25p to 79.25p.
Another day of disproportionate buys and sells and hardly anything on the SP,I can only assume it'll get going soon!!!
same here!