Breaking News
Close
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Hansteen to sell German, Dutch industrial properties for $1.4 billion

Stock Markets Mar 20, 2017 09:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Hansteen to sell German, Dutch industrial properties for $1.4 billion

(Reuters) - Britain's Hansteen Holdings (L:HSTN) has agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.38 billion) to a venture between Blackstone Group LP (N:BX) and M7 Real Estate.

The price represents a premium of about 6 percent, or roughly 76 million euros, to the assets' valuations at the end of 2016, Hansteen said in a statement on Monday.

Hansteen's shares rose more than 6 percent, before paring gains to trade up 3 percent at 125.55 pence at 0850 GMT. They were the top gainers on London's midcap index (FTMC).

"This is a compelling opportunity to crystallise both the revaluation gains from these German and Dutch assets achieved by our active asset management and the gains from foreign exchange movements," Hansteen joint chief executives Morgan Jones and Ian Watson said.

Last year, the industrial market outperformed all other European real estate sectors, including offices and retail, data from property consultant CBRE (N:CBG) showed, as the sector benefited from higher demand for warehouses from retailers expanding their online operations.

Over the fourth quarter, European commercial real estate deals reached a record high of 86.8 billion euros, boosted largely by a buoyant Germany market and growth in the Netherlands, according to the data.

Hansteen, a UK real estate investment trust, said that the sale was expected to complete before the end of June and that it was advised by property consultant JLL (N:JLL).

The sale leaves Hansteen with its UK business, where the market has seen some turbulence after Britain voted to leave the European Union.

However, Hansteen said it had not noticed any significant effect on demand for industrial space following the June 23 vote.

"Across the UK, we are experiencing pockets of rental growth and shorter incentives being offered to tenants as demand intensifies," the company said.

Hansteen to sell German, Dutch industrial properties for $1.4 billion
 

Related Articles

Here's How Much The Richest Bitcoin Whale Now Holds
Here's How Much The Richest Bitcoin Whale Now Holds By Benzinga - Jun 25, 2022

According to the crypto platform, BitInfoCharts, the world’s largest Bitcoin (CRYPTO: BTC) whale, holds 130,227 BTC, worth over $2 billion ($2,740,221,284.06). With a series...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
DOWNLOAD APPApp store
Investing.com
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
or
Sign up with Email