Hansteen Holdings plc Portfolio Update (3082X)
April 29 2019 - 1:02AM
UK Regulatory
TIDMHSTN
RNS Number : 3082X
Hansteen Holdings plc
29 April 2019
29 April 2019
HANSTEEN HOLDINGS PLC
("Hansteen" or, the "Company")
Portfolio Update
Hansteen (LSE:HSTN), the urban multi-let industrial property
investor, announces that the portfolio has continued to perform
strongly in the first quarter of 2019 with the completion of 201
new lettings and lease renewals at an average contracted rent of
GBP4.56 per sq ft. This compares with an average contracted rent on
the total portfolio at 31 December 2018 of GBP4.03 per let sq
ft.
There have been eight profitable sales completed in 2019 at an
average yield of 3.4% for a combined consideration of GBP19.5
million. Included in these sales were three properties purchased
for GBP7.6 million as part of the Cygnet portfolio in August 2018
which have been sold for GBP10.6 million. In total these eight
sales have generated profits of GBP4.8 million over gross
acquisition cost and GBP1.6 million over 31 December 2018
valuation.
Four of the eight sales account for GBP17.2 million of the
consideration and these properties are located at:
- Chequers Lane, Derby, DE21 6AW - 40,805 sq ft
- Bayton Road Industrial Estate, Bayton Road / Colliery Lane,
Bedworth, CV7 9NW - 71,500 sq ft
- Edge Lane Business Park, Edge Lane, Manchester, M11 1DG - 171,163 sq ft
- Land at Lankro Way, Eccles, M30 0L- 14 acres
Morgan Jones and Ian Watson, Joint Chief Executives of Hansteen,
commented: "We remain cautious about the current macroeconomic and
political risks, but we have not seen any negative impact on our
occupational or investment markets so far in 2019. The pace of
activity by our regional asset management team has continued with
over 200 lease events at headline rents that are in excess of the
portfolio average and we have been able to continue selling
individual assets at good prices".
Enquiries:
Hansteen Holdings PLC
Morgan Jones Tel: +44 (0) 20 7408 7000
Ian Watson www.hansteen.co.uk
Tavistock
Jeremy Carey Tel: +44 (0) 20 7920 3150
Charlotte Dale jeremy.carey@tavistock.co.uk
Notes to Editors:
HANSTEEN HOLDINGS PLC
Hansteen Holdings PLC (LSE:HSTN) is an industrial property REIT
that invests in properties, across the UK, with high yields, low
capital costs and opportunity for value improvement.
Founded by Morgan Jones and Ian Watson, the Company listed on
AIM in November 2005 raising GBP125 million. In 2009, it raised a
further GBP200.8 million by way of a Placing and Open Offer and
moved to the Official List, converting to a REIT shortly
thereafter. In April 2011, the Company raised a further GBP150
million by way of a Placing and Open Offer.
In June 2017, the Company sold its German and Dutch portfolios
for EUR1.28 billion and is now predominantly UK based. In November
2017, the Company returned GBP578 million of capital to its
Shareholders and in May 2018, a further GBP145 million was returned
to Shareholders.
At 31 December 2018, Hansteen had a property portfolio of some
256 assets with a value of GBP650 million.
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END
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