Hansteen announces GBP86.5m of property disposals

(Sharecast News) - Industrial property investor Hansteen has simultaneously exchanged contracts and completed the sale of 22 properties for £67.9m in cash to a wholly-owned subsidiary of Stenprop Limited.The multi-let portfolio comprises 1.16 million sq ft of space, of which 5.8% is vacant and has a contracted rent roll of £4.89m a year. In addition, Hansteen has completed the sale of a further four assets in individual transactions for £18.6m. These assets have a floor area of 205,000 sq ft, include 10.4 acres of land and have a contracted rent roll of £0.9m per annum. In total, the sales were at £6.5m, or 8.3% above the 30 June 2018 valuation.Hansteen said it plans to use the sale proceeds to reduce the balance on its revolving debt facility.At 1020 GMT, the shares were down 1.3% to 94.75p.