Hansteen (AIM: HSTN) has announced that it has acquired a further €24.6 million (£16.7 million) of real estate in Germany and the Netherlands, bringing the total of property acquired by the Company to date to €285 million (£194 million).
In the Netherlands, Hansteen has acquired a 12,240-m² industrial unit in Milsbeek near Nijmegen for €6.6 million (£4.5 million) inclusive of costs from D.Z.Vastgoed. It is let to Bovema Beheer BV, manufacturers of ventilation systems, at a rent of €0.5 million (£0.34 million) per annum on a lease expiring in 2022. Agents for the vendor were De Dommel.
In Weiden, Germany, Hansteen has acquired an industrial complex of three buildings totalling 46,950 m² from Sudwolle Gmbh & Co KG, which specializes in the manufacture of knitting yarns, for €18 million (£12.2 million) again including costs. The acquisition is subject to a partial leaseback to Sudwolle: the remaining accommodation, is let to Witt Weiden Versandhaus, a catalogue company; Quantos, an engineering company, and Nachtmann Bleikristallwerke, a glassware company. The total rent roll is €1.55 million (£1.05 million) and the lease lengths range between 2008 and 2015.
Hansteen currently has a pipeline of over €100 million (£67.5 million) of acquisitions in Germany, the Netherlands, and France in due diligence with approximately half expected to complete over the next few months.
Ian Watson, joint Chief Executive of Hansteen, commented, "We are very pleased with these acquisitions and with the progress of our acquisition pipeline generally. As we become more established in some of our target markets particularly the Netherlands and Germany we are seeing more and more good opportunities."