HSTN.L Regulatory News (HSTN)

12 Mar 2007 07:03

Hansteen Holdings plc12 March 2007 Hansteen Holdings PLC ("Hansteen" or the "Company") Hansteen announces €33.5 million investments in Europe - new joint venture signed with Ormix BV - Hansteen (AIM: HSTN), the investors in Continental European real estateannounces today that it has acquired two prime logistics properties in Houten inthe Netherlands for €17.3 million (£11.74 million) and a portfolio of 13properties in Neckarsulm, Germany for €16 million (£10.86 million) The Netherlands portfolio is the first acquisition undertaken in joint venturewith Ormix BV ("Ormix"), a company whose directors have a unique background inlogistics properties in the Netherlands. It is intended that Hansteen and Ormixwill go on to assemble a portfolio of first class prime logistics property ofapproximately €100million in value, which the Company believes will see furthervalue growth in the coming two years. The portfolio comprises two buildings in Houten, totalling 15,748 sqm (170,000sq ft), which are newly built; one is let on a five year year minimum lease andthe other on a ten year lease. The total rent is €1.146 million (£778,000) perannum. The German portfolio consists of 13 industrial and warehouse units based inthree locations around Neckarsulm. The buildings have a total floor area of23,638 sqm (254,440 sq ft), producing an initial annual rent of €1.26 million(£855,000). The properties have a range of lease lengths and approximately 20%is vacant. Hansteen were represented on this transaction by Camilli Veiel. Morgan Jones, joint Chief Executive of Hansteen commented "Both these twoacquisitions represent an exciting step forward for Hansteen. In Germany we aregrowing sufficiently in confidence to acquire properties with more assetmanagement opportunities. In Holland on the other hand where values haveincreased significantly in recent months we are seeing good value in the primeend of the market". For further information: Ian Watson/Morgan Jones Jeremy Carey/Rachel Drysdale Hansteen Holdings plc Tavistock Communications Tel: 020 7016 8820 Tel: 020 7920 3150 Notes to editors: Hansteen Holdings plc is a property company formed by Morgan Jones and IanWatson, the founders and former directors of Ashtenne Holdings plc. Hansteenraised £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 forvalue improvement through asset management than can be achieved currently in theUK. It will also seek to profit from opportunistic acquisitions in otherproperty sectors both in the UK and abroad. In February 2007, Hansteen raised an additional £70 million at 131 pence pershare in a conditional Placing which is subject to shareholder approval at anEGM on 23 March 2007. The proceeds will be used to accelerate the assembly ofits property portfolios, particularly in Continental Europe. Hansteen is listed on AIM, trading under the symbol HSTN and has a currentmarket capitalisation of over £170 million. This information is provided by RNS The company news service from the London Stock Exchange