Hansteen Holdings – the recently listed company formed by two founders and former directors of Ashtenne Holdings – has made its first acquisitions.
The company, set up by Ian Watson and Morgan Jones, has spent €73.35m (£50m) on industrial and distribution buildings in the Netherlands and Germany.
The average yield reflects around 8%.
Hansteen’s first transaction included six buildings in the Netherlands totalling 45,300m2 (487,600 sq ft) from a Dutch private investor for €25.5m (£17.28m), an 8% yield.
The second deal involved three buildings valued €20m (£13.55m) bought from Warner Estate Holdings which previously formed part of the Ashtenne portfolio.
They included a 51,000m2 (550,000 sq ft) logistics warehouse in Amersfoort, near Utrecht, plus two buildings in Germany.
Hansteen has since bought four distribution units in the Netherlands for €18m (£12.2m) and a distribution warehouse in Heilbronn, Germany.
Watson, joint chief executive of Hansteen, said:
“These acquisitions are in line with out strategy: income producing, high yielding properties let to good tenants.”
References: EGi News 14/12/05
