Hansteen (AIM: HSTN) has announced that it has acquired two prime logistics properties in Houten in the Netherlands for €17.3 million (£11.74 million) and a portfolio of 13 properties in Neckarsulm, Germany for €16 million (£10.86 million).
The Netherlands portfolio is the first acquisition undertaken in joint venture with Ormix BV, a company whose directors have a unique background in logistics properties in the Netherlands. It is intended that Hansteen and Ormix will go on to assemble a portfolio of first class prime logistics property of approximately €100 million in value, which the Company believes will see further value growth in the coming two years.
The portfolio comprises two buildings in Houten, totalling 15,748 m², which are newly built; one is let on a five year minimum lease and the other on a ten year lease. The total rent is €1.146 million (£778,000) per annum.
The German portfolio consists of 13 industrial and warehouse units based in three locations around Neckarsulm. The buildings have a total floor area of 23,638 m², producing an initial annual rent of €1.26 million (£855,000). The properties have a range of lease lengths and approximately 20% is vacant.
Hansteen were represented on this transaction by Camilli Veiel.
Morgan Jones, joint Chief Executive of Hansteen, commented: "Both these two acquisitions represent an exciting step forward for Hansteen. In Germany we are growing sufficiently in confidence to acquire properties with more asset management opportunities. In Holland on the other hand where values have increased significantly in recent months we are seeing good value in the prime end of the market."