Hansteen profits and assets rise

City A.M. Reporter
Hansteen Holdings posted first-half rises in net asset value (NAV) and pre-tax profit, and said it is focusing on improving occupancy and rents ahead of making acquisitions.

Hansteen saidits EPRA NAV was 87 pence at June 30, from 79 pence a year earlier. Its pre-tax profit was £16.8m, from £7.8m a year ago. It had about £450m allocated for acquisitions.

"In the light of the current stock market turmoil and the continuing uncertain economic outlook across Europe the group will continue to focus on maintaining and improving occupancy and the rent roll and will take a cautious view of prospective acquisitions," Chairman James Hambro said in a statement.

The vacancy rate across Hansteen's portfolio was 22.9 per cent, the company said, adding this totaled 394,795 square metres, from 480,563 sq m at end-2010.

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

The company raised its year-on-year November dividend payout by 14 per cent to 1.6 pence, and said it intended to operate "a prudently progressive dividend policy for the foreseeable future reflecting the growing profitability of the business."

Hansteen's property folio was worth £863m at 30 June, from £829m on 31 December last year.