Hansteen (AIM: HSTN) has announced that it has acquired a further seven investment properties in the Netherlands, Germany and France for a total of €44.5 million, producing a rental income of €3.86 million.
In the Netherlands, Hansteen has acquired a 14,182-m² industrial unit in Lochem, near Deventer for €7.4million from a private investor. It is let to Eddings, a German stationery company, for €686,480 per annum on a lease expiring in September 2010. Hansteen was represented by Evert Den Outer.
The Company has also acquired a property based in Tiel, west of Arnhem, for €6.8 million also from a private investor. The 10,750-m² warehouse and office accommodation is let to three individual tenants, generating a total rental income of €593,478 per annum. The largest tenants are Van Huet Glasstransport B.V. and Centraal Boekhuis.
In Hardenberg, east of Zwolle, the Company has acquired, for €4.2 million, a 5,107-m² site from Schoeller Arca Systems, which is subject to a 15 year leaseback, at an annual rent of €350,000. The property contains two units, the first of which is a basic storage warehouse, and the second a research and recycling center with mezzanine offices. In addition, the site includes approximately 2 hectares (4.9 acres) of storage land. Statement acted for Hansteen on the acquisitions in Tiel and Hardenberg. This purchase completed in January 2007.
In France, Hansteen purchased a site containing two logistics warehouses of 16,270 m² and 5,730 m² in Saint Priest, Lyon for €9.5 million. The buildings are let to Venditelli Transport and Jura Transport on leases expiring in 2013. The properties are strategically located in a key industrial / distribution district of Lyon and provide a total annual rent of €805,000. Hansteen was represented by Brown Cooper Marples and the vendor by Atisreal.
In Germany, Hansteen has purchased three properties. The first is an 89,000-m² industrial site on the outskirts of Otigheim, a city in Baden-Württemberg, bought for €9.1 million. The property comprises three warehouse buildings covering an area of 13,718 m², on a total land plot of 89,000 m², which gives a development ratio of 15.4% buildings to land. The entire property was purchased from Herbstreith & Fox, a producer of pectin for the food and non food industry, and has been leased back for a period of eight years at a rental of €770,000 per annum.
The second and third properties were purchased for €7.5 million and comprise two logistic warehouses based in Rodgau and Mulheim in the Rhein Main area. The unit in Rodgau is an 8,531-m² logistics facility with ancillary offices let to Kuhne & Nagel, an international logistics operator. In Mulheim the 5,045-m² warehouse and ancillary offices and is let to Alibert Transport GmbH, on a lease expiring in December 2010. The total rent for these buildings is €656,595 per annum. This purchase completed in January 2007.
Additionally, three properties in the Netherlands, which are currently occupied by DHL have been sold, providing good returns on the Company's initial investments. In Arnhem a 7,873-m² building was sold for €3.1 million and a 2,319-m² property in Eindhoven was sold for €2.25 million. Both these buildings were sold to consortiums of private investors. In Hoofddorp, an 8,921-m² property was sold to Slough Estates for €5.65 million. The agents for all three properties were Boer Hartog Hooft.
Ian Watson, joint chief executive of Hansteen, commented: "Each of these investments has been identified due to its quality, high yield and the fact that we were able to acquire them at below replacement value. Additionally, every property offers us asset management opportunities. We have now carried out six sale and leaseback transactions in Europe and continue to see these as a source of good opportunities."