HANSTEEN HOLDINGS PLC ("Hansteen" or, the "Company")
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 £4.56 per sq ft. This compares with an average contracted rent on the total portfolio at 31 December 2018 of £4.03 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 £19.5 million. Included in these sales were three properties purchased for £7.6 million as part of the Cygnet portfolio in August 2018 which have been sold for £10.6 million. In total these eight sales have generated profits of £4.8 million over gross acquisition cost and £1.6 million over 31 December 2018 valuation.
Four of the eight sales account for £17.2 million of the consideration and these properties are located at:
- 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".
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 £125 million. In 2009, it raised a further £200.8 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 £150 million by way of a Placing and Open Offer.
In June 2017, the Company sold its German and Dutch portfolios for €1.28 billion and is now predominantly UK based. In November 2017, the Company returned £578 million of capital to its Shareholders and in May 2018, a further £145 million was returned to Shareholders.
At 31 December 2018, Hansteen had a property portfolio of some 256 assets with a value of £650 million.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Create your account: sign up and get ahead on news and events
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...