Hansteen Holdings PLC announces that it has exchanged contracts on the acquisition of 13 multi-let and single-let industrial properties located in established commercial zones across Germany, from Benelux Industrial Partners, for a total of €21.65 mln, inclusive of costs. Completion of the purchase is due in June 2015.
The assets provide a total lettable area of 99,355 m², of which 18,172 m² (18.29%) is currently vacant. The properties produce a combined passing rent roll of €2.78 mln per annum from 66 tenants, reflecting an initial yield of 12.86%, with an unexpired weighted average lease term of 1.13 years. When fully let, the portfolio is expected to produce a rent roll in excess of €3.46 million per annum.
Ten of the properties are located in the North-Rhine Westphalia region with the remaining three situated in Eichenzell, Bingen and Hann Muenden.