Hansteen has posted an 8.4% like-for-like rise in EPRA NAV per share, with normalised income profits up 28.1% in the first half of 2016.
The company said the Brexit vote has not had a “significant effect” on demand for industrial space and that a devaluation of sterling had enhanced net assets and income.
The total value of Hansteen’s portfolio rose by £16.1m, or 1%, on a like-for-like basis, as total assets rose 9.7% to £1.6bn
Although rental income grew 11.7% to £44.7m, year-on-year, the company reported that like-for-like rental income was down about 0.5%.
Ian Watson, joint chief executive of Hansteen, said that having an industrial business focused outside of London has mitigated some of the potential risks of the referendum: “At the moment, we’re not seeing any difference at all in terms of demand or converting leases.
“We look at the regions of the UK, outside of London and the south east, and in those areas life is just kind of carrying on. We’re not casual or mindless of some of the risks out there, including Brexit, but we’re not sitting tearfully, rubbing our cheeks and thinking the whole thing’s going down the whatsit.”
From July: Hansteen completes £330m refi
From July: Brexit downgrades forecast for property
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