News Column

Custodian REIT, Hibernia REIT And Hansteen Holdings Add To Portfolios

June 30, 2014

Anthony Tshibangu



LONDON (Alliance News) - Property investors Custodian REIT PLC, Hibernia REIT PLC And Hansteen Holdings PLC Monday said they have added to their portfolios in the UK and Europe.


Custodian REIT said it has acquired two modern industrial units near Liverpool John Lennon International Airport for GBP3.1 million. The combined passing rent for the units totals GBP254,739. Passing rent is the gross rent, less any ground rent payable under head leases.


The company did not name the sellers.


Hibernia REIT said it has exchanged contracts to acquire the Observatory Building in Dublin for EUR52.3 million.


The Observatory Building was built in 2006 and comprises 86,213 square feet of Grade A office accommodation arranged over six floors. The site also includes eight partially completed two bedroom apartments units of 1,400 square feet each and two vacant retail units totalling 2,059 square feet. Total annual rent at the building is EUR2.2 million.


Hibernia REIT did not name the sellers.


Hansteen Holdings said that, following its acquisition of 50% of a loan secured against a portfolio of mainly multi-let industrial property in the Netherlands from Unicredit Bank last year, it has now completed the acquisition of the property assets within the portfolio for EUR106 million.


The consideration will be satisfied from existing cash resources and a new EUR60 million five-ear loan from The ING Group, the company said.


In December, the company said it had bought a loan secured against the portfolio from UniCredit Bank for EUR41.7 million - a 51% discount to the loan amount.


The property portfolio extends to more than 370,000 square metres across 41 estates in the Netherlands, with the majority in the core Randstad area. The gross annual rental income of the portfolio, which is 20% vacant, is around EUR15.4 million.


Custodian REIT shares were untraded Monday morning. Hibernia REIT shares were quoted up 1.3% at EUR1.08 Monday morning, while Hansteen Holdings shares were quoted up 0.6% at 103.02 pence.








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Source: Alliance News


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