Hansteen buys properties as its net asset value rises

EUROPEAN property investment firm Hansteen posted a first-half pre-tax profit of £16.83m yesterday, up from £7.85m last year. Net asset value per share also rose 3.6 per cent over the first half of the year.

The company said it was taking a cautious view of further purchases, saying it will focusing on improving occupancy and rents ahead of making acquisitions because of market turmoil and the continuing uncertain economic outlook across Europe. But in a separate statement, it said it was buying two properties in Germany, for a total price of £13.2m.

Hansteen, which spent about £460m on ten acquisitions last year, said in May it planned to buy property businesses in the UK and Europe.

The company raised its dividend by 14 per cent to 1.6p, and said it intended to operate “a prudently progressive dividend policy for the foreseeable future reflecting the growing profitability of the business.”