9 Apr 2010 07:00
9 April 2010
Hansteen Holdings PLC ("Hansteen" or the "Company")
COMPLETION OF ACQUISITION
Hansteen Holdings (LSE:HSTN), the investor in UK and continental European real estate, is pleased to announce that further to the General Meeting held on 1 April 2010, the Company has now completed the acquisition of an 861,010 sq m German industrial property portfolio from HBI S.à r.l. and HBI Delta Sub S.à r.l. for an effective acquisition cost of approximately €330 million (the "Acquisition").
Full details of the Acquisition were set out in the Company's circular to Shareholders dated 16 March 2010.
Morgan Jones and Ian Watson, Joint Chief Executives of Hansteen said: "The acquisition of this German portfolio, coupled with a new five year loan on very beneficial terms, is a compelling opportunity for the Company. We plan to apply our active management skills in order to create significant added value to the portfolio."
ENQUIRIES:
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Terms used but not defined in this announcement have the meanings given to them in the circular sent by the Company to shareholders dated 16 March 2010 unless the context requires otherwise.