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Commercial Property News
Hansteen 'has £400 million to invest in business property'
Commercial property investor Hansteen Holdings has around £400 million to spend on real estate, its chairman has revealed.
In the firm's final results for the year to December 31st 2009, James Hambro noted that its Property Unit Trust has nearly £90 million of equity to invest.
The company itself holds approximately £100 million, he explained, with "prudent borrowing" bringing its "purchasing fire power" to almost £400 million.
Over the course of the year Hansteen increased its normalised profit by 30% to £15.4 million and also raised the value of its net assets from £213 million in 2008 to £380 million.
Mr Hambro added value is beginning to return to the UK's industrial business property sector, with the board "optimistic" about its medium-term prospects.
The majority of Hansteen's portfolio can be found in Germany, where it holds 51 properties with a combined value of £193 million.
Hansteen's share price was up on the news, climbing to 1.1p to 82.35p at 13:07 GMT in London.
In the firm's final results for the year to December 31st 2009, James Hambro noted that its Property Unit Trust has nearly £90 million of equity to invest.
The company itself holds approximately £100 million, he explained, with "prudent borrowing" bringing its "purchasing fire power" to almost £400 million.
Over the course of the year Hansteen increased its normalised profit by 30% to £15.4 million and also raised the value of its net assets from £213 million in 2008 to £380 million.
Mr Hambro added value is beginning to return to the UK's industrial business property sector, with the board "optimistic" about its medium-term prospects.
The majority of Hansteen's portfolio can be found in Germany, where it holds 51 properties with a combined value of £193 million.
Hansteen's share price was up on the news, climbing to 1.1p to 82.35p at 13:07 GMT in London.
Wed, 24th Mar 2010