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£86.5 million of property disposals

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RNS Number : 3574L
Hansteen Holdings plc
24 December 2018
 


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

 

24 December 2018

 

Hansteen Holdings PLC

 

("Hansteen" or the "Company")

 

 

£86.5 million of property disposals

 

 

Hansteen (LSE:HSTN), the industrial property investor, announces that it has simultaneously exchanged contracts and completed the sale of 22 properties for a cash consideration of £67.9 million to a wholly owned subsidiary of Stenprop Limited. The multi-let portfolio comprises 1.16 million sq ft of space of which 5.8% is vacant and has a contracted rent roll of £4.89 million per annum.

 

In addition, Hansteen has completed the sale of a further 4 assets in individual transactions for £18.6 million. These assets have a floor area of 205,000 sq ft, include 10.4 acres of land and have a contracted rent roll of £0.9 million per annum.  

 

In total, the sales were at £6.5 million or 8.3% above the 30 June 2018 valuation.

 

In the short term, the Company plans to use the sale proceeds to reduce the balance on its revolving debt facility.

 

 

Enquiries:

 

Hansteen Holdings PLC                

Tel: +44 (0) 20 7408 7000



Ian Watson




Morgan Jones




Tavistock

Tel: +44 (0) 20 7920 3150



Jeremy Carey


 


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DISFEUFEDFASEIE

Quick facts: Hansteen Holdings plc

Price: 98.1

Market: AIM
Market Cap: £419.18 m
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