Hansteen lifts annualised rent roll

Industrial property specialist Hansteen Holdings said occupancy, values and rent all improved since the start of the year as it splashed out over 63m pounds in acquisitions.

Industrial property specialist Hansteen Holdings said occupancy, values and rent all improved since the start of the year as it splashed out over 63m pounds in acquisitions.

Hansteen said £63.2m of property was added to the portfolio, with annualised rent roll of £6.7m, reflecting 10.6% initial yield.

Total annual rent roll at April 30th 2013 rose to £92.8m from £84.7m December 31st 2012. Total portfolios under management grew by £76.1m or 7.6% from January 1st to May 16th 2013 to £1.08bn.

The group also reported improving occupational demand to a greater or lesser extent across all regions.

Although like-for-like occupancy declined slightly in the first four months of the year, this was to do with the timing of a number of significant lease expiries and not a reflection of the market trend, the group explained.

Hansteen also reported early signs of improving investor sentiment towards industrial and logistics property in Germany and the UK in particular.

It said the first four months of the year has served only to reinforce these views.

Hansteen said it still considers Germany to be the stronger market but the UK has remained steady and, despite the continued tough environment, confidence remains that positive results will be achieved in the Benelux throughout the rest of the year.

Net debt, as at April 30th 2013, rose to £406.5m from £325m at the end of December.

CJ

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