Hansteen announces GBP86.5m of property disposals

Industrial property investor Hansteen has simultaneously exchanged contracts and completed the sale of 22 properties for £67.9m in cash to a wholly-owned subsidiary of Stenprop Limited.

The multi-let portfolio comprises 1.16 million sq ft of space, of which 5.8% is vacant and has a contracted rent roll of £4.89m a year.

In addition, Hansteen has completed the sale of a further four assets in individual transactions for £18.6m. These assets have a floor area of 205,000 sq ft, include 10.4 acres of land and have a contracted rent roll of £0.9m per annum.

In total, the sales were at £6.5m, or 8.3% above the 30 June 2018 valuation.

Hansteen said it plans to use the sale proceeds to reduce the balance on its revolving debt facility.

At 1020 GMT, the shares were down 1.3% to 94.75p.