24 Dec 2018 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
24 December 2018
Hansteen Holdings PLC
("Hansteen" or the "Company")
£86.5 million of property disposals
Hansteen (LSE:HSTN), the industrial property investor, announces that it has simultaneously exchanged contracts and completed the sale of 22 properties for a cash consideration of £67.9 million 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 £4.89 million per annum.
In addition, Hansteen has completed the sale of a further 4 assets in individual transactions for £18.6 million. These assets have a floor area of 205,000 sq ft, include 10.4 acres of land and have a contracted rent roll of £0.9 million per annum.
In total, the sales were at £6.5 million or 8.3% above the 30 June 2018 valuation.
In the short term, the Company plans to use the sale proceeds to reduce the balance on its revolving debt facility.
Enquiries:
Hansteen Holdings PLC | Tel: +44 (0) 20 7408 7000 |
Ian Watson | |
Morgan Jones | |
Tavistock | Tel: +44 (0) 20 7920 3150 |
Jeremy Carey |