13 Mar 2018 07:00
13 March 2018
Hansteen Holdings PLC
("Hansteen" or the "Company")
Compulsory Purchase of Saltley Business Park, Birmingham
Hansteen (LSE: HSTN), the investor in UK industrial property, announces that the Secretary of State for Transport has acquired Saltley Business Park, Birmingham from a subsidiary of the Company, by way of a compulsory purchase order (CPO) under the High Speed Rail (London - West Midlands) Act 2017, to enable construction of the first phase of the HS2 route.
As part of the CPO process, High Speed Two (HS2) Limited, acting on behalf of the Secretary of State, has stated that a down payment of £36.96 million will be made, and a mutual valuation process is under way which is designed to establish the property's market value. In the short term, the Company plans to use the initial proceeds to reduce the balance on its revolving debt facility.
Saltley Business Park comprises a substantial multi-let industrial estate totalling 1,078 million sq ft in 22 units with an ERV of £4.6 million per annum. The Park is situated on a strategic, self-contained site of approx. 47 acres, on the eastern edge of Birmingham City Centre, with easy access to the M6.
Enquiries:
Hansteen Holdings PLC Ian Watson Morgan Jones
| Tel: +44 (0) 20 7408 7000 |
Tavistock Jeremy Carey Kirsty Allan | Tel: +44 (0) 20 7920 3150 07836 734 625 07824 393 242 |
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Important notices
This announcement contains inside information.