Hansteen Holdings acquires 13 properties in Germany

Real estate investment trust Hansteen Holdings has bought 13 German-based properties for €21.7m (£15.4m) from Benelux Industrial Partners.

In a statement on Wednesday, the FTSE 250 group said the deal, which is expected to be completed in June, includes ten properties located in the North-Rhine Westphalia region with the remaining three situated in Eichenzell, Bingen and Hann Muenden.

Hansteen said the assets produce a combined passing rent of €2.8m per year from 66 tenants, reflecting an initial yield of 12.86%, adding that 18% of the 99,355 square metres are currently vacant.

"This is exactly the sort of purchase Hansteen loves. It will be hard work and require some capital expenditure but the portfolio has a high yield and real capital upside," said Ian Watson, the group joint chief executive.

Hansteen shares were up 0.76% to 120.00p at 08:45 on Wednesday.