HSTN.L Regulatory News (HSTN)

16 Jul 2007 07:00

Hansteen Holdings plc16 July 2007 16 July 2007 Hansteen Holdings plc ("Hansteen" or "the Company") Hansteen acquires further €47 million of property in The Netherlands and Germany Hansteen (AIM: HSTN), the investor in continental European real estate,announces that it has acquired four properties in The Netherlands for €13.5million (£9.1 million), two portfolios in Germany totalling 12 properties for€23 million (£15.4 million) and an office building, also in Germany, for €10million (£6.7 million). The total of property acquired amounts to €47 million(£31 million), generating an annual rent of €3.9 million (£2.6 million). The Netherlands Hansteen has acquired a 4,540 sq m (14,895 sq ft) warehouse in Emmeloord,northwest of Zwolle, for €2.23 million (£1.5 million). This sale and leasebackinvolves a sister company to one of Hansteen's existing tenants. The property islet to Leisure Life B.V., part of the Hakto B.V. group, at a rent of €180,879 (£121,705) per annum on a lease expiring in January 2016 with a tenant's break on1 January 2011. The Company has also acquired a property based in Waalwijk, west of's-Hertogenbosch, for €3.91 million (£2.63 million). The 7,619 sq m (24,996 sqft) logistics and warehousing centre provides 6,092 sq m of offices and 6,927 sqm of warehouse accommodation and is let to Coolag Hamar B.V. The current passingrent is €297,961 (£200,485) per annum and is subject to annual indexation. Theproperty is held on a lease contract until March 2012. In Doetinchem, east of Arnhem, Hansteen has acquired a 7,201 sq m (23,625 sq ft)single let storage and distribution warehouse for €2.9 million (£1.96 million).The initial rent will be €250,000 (£168,214) per annum with annual indexation.The property was acquired subject to a five-year leaseback to TechnischHandelsbureau, Rensa B.V., a logistics company. In Kerkrade, in southeastern Netherlands, a 1970s warehouse and office buildinghas been acquired for €4.52 million (£3.04 million). The tenant, Licom B.V., isa company owned by a number of local municipalities to employ disabled people.Licom has a five-year lease from January 2007, paying €380,000 (£256,000) perannum. Germany Here, Hansteen has purchased two portfolios, the Lichdi (partly completed) andthe Engler portfolio. The Lichdi portfolio consists of 12 properties, mainly retail, spread acrossGermany. Eight of the properties have been purchased at a cost of €8.83 million(£5.96 million), and four have been notarised and have a purchase price of €4.5million (£3.06 million). The eight completed properties have a total size of15,430 sq m (50,623 sq ft) and generate a rental income of €738,138 (£498,095)per annum. The acquisition consists of an EDEKA supermarket in Rockenhausen letuntil 2012; a good quality, privately run hotel in Hemmingen let until 2014; anALDI supermarket in Hotensleben let until 2009; a C&A department store inBarsinghausen let until 2011; a small retail parade and offices in Volklingenlet until 2009; a warehouse with offices in Wernau, an office and warehouse inHof with lease lengths between 2008 and 2011; and another store in Chemnitz letto a well-known Danish furniture retailer until 2011. The Engler portfolio comprises four properties covering 39,852 sq m (130,748 sqft) within the Ruhr region. The predominantly industrial portfolio has beenpurchased for €14.1 million (£9.5 million) and generates a total rent of €1.32million (£0.89 million) per annum. The portfolio consists of an office building in Essen with predominantly shortterm leases, two large industrial buildings in Herne, a large multi-letindustrial estate in Gelsenkirchen with lease lengths between 2008 and 2017 anda mixed use building in Gelsenkirchen high street with a Plus supermarket on theground floor let until 2010 and residential flats above with lease lengthsbetween 2007 and 2017. In Dresden, the Company has also acquired an office building for €10 million(£6.7 million). The 7,988 sq m property is let to the Customs office with acurrent rent of €711,483 (£478,726) per annum. There are 8.5 years outstandingon the lease. Morgan Jones, joint Chief Executive of Hansteen commented: "In our view theseacquisitions represent good value and further purchases are in the pipeline. InGermany we have been happy to invest in all property sectors where we seeparticularly good opportunities." For further information: Ian Watson/Morgan Jones David Davies Jeremy Carey/Rachel DrysdaleHansteen Holdings plc KBC Peel Hunt Tavistock CommunicationsTel: 020 7016 8820 Tel: 020 7418 8900 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. The proceeds are being used to accelerate the assembly of its propertyportfolios, particularly in Continental Europe. Hansteen is listed on AIM, trading under the symbol HSTN, and has a currentmarket capitalisation of over £240 million. This information is provided by RNS The company news service from the London Stock Exchange