Hansteen suffering from euro collapse
Hansteen Holdings, the UK and Europe focused real estate investment trust (REIT), is warning it faces currency headwinds as the debt crisis weakens the euro.
Hansteen Holdings, the UK and Europe focused real estate investment trust (REIT), is warning it faces currency headwinds as the debt crisis weakens the euro.
In its management statement Hansteen, which buys then rents industrial properties in Germany, Benelux and the UK says: "The euro has weakened further against sterling, as a result there will be an adverse currency effect on reported earnings and net asset value".
Operationally, the company's "total rent roll" - or regular rental income - had fallen to £76.4m by the end of April versus £79.3m at the end of December. Hansteen says currency movements were responsible for £1.5m of this drop and a decline in sales added a further £1m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Since the beginning of the year the group had sold 10 properties, raising £25m at an average price 4.5% above December 31st valuations.
Net debt by April 30th had fallen to £275m from £306.9m in December - it now stands at 36% of the value of Hansteen's portfolio.
The firm says occupational demand in Germany is "robust", and in the UK it is "stable but competitive" but in Benelux "the market continues to be difficult."
At the open in London the stock dropped 1.8% and is now 6.6% down since the beginning of 2012.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
House prices rising fastest in areas with highest crime rates – where does your area rank?
Property prices are higher in safer areas but growing more slowly than in places benefiting from gentrification and buy-to-lets
-
State pension age review launched – could it rise faster in future?
The government has announced a review of the state pension age, after it warned of a “retirement crisis” and revived the Pensions Commission to boost pension savings