Hansteen Holdings plc Hansteen completes £7.06 million disposal

TIDMHSTN

Hansteen Holdings plc

30 August 2017

Hansteen Holdings PLC

("Hansteen" or the "Group" or the "Company")

Hansteen completes GBP7.06 million disposal northeast of Bournemouth

Hansteen Holdings PLC (LSE: HSTN), the investor in UK and continental European industrial property, announces the sale of Carvers Trading Estate in Ringwood, northeast of Bournemouth for GBP7.06 million, reflecting a NIY of 4.93% and a capital value per sq ft of GBP137.

The multi-let property comprises 51,346 sq ft which benefits from a prominent location in the centre of Ringwood and is let to a variety of tenants including Topps Tiles, Screwfix, ATS Euromaster and Howdens.

Carvers Trading Estate was sold to a client of CBRE Global Investors who, in turn, were advised by CBRE. Knight Frank advised Hansteen on this transaction.

Derek Heathwood, UK Property Director for Hansteen said: "Following refurbishment and improvement works we let the remaining void units to quality covenants at rents over GBP10 per sq. ft. which moved the estate ERV on by over 20%. The price we achieved is 25% above our December 2016 valuation and the number of bidders shows the market for light industrials remains strong and highly competitive. Our UK portfolio of over 17m sq. ft. of light industrial / urban logistic space, is well positioned to deliver continued performance as occupational demand continues to increase with little or no new supply entering the market."

For further information:

 
 Ian Watson/Morgan Jones   Jeremy Carey / Kirsty 
  Hansteen Holdings PLC     Allan 
  Tel: 020 7408 7000        Tavistock 
                            Tel: 020 7920 3150

This information is provided by RNS

The company news service from the London Stock Exchange

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August 30, 2017 02:30 ET (06:30 GMT)

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