Hansteen seals warehouse deal

Property investment company Hansteen Holdings yesterday said it had completed the purchase of a portfolio of six warehouses in Germany from Dexus Funds Management for €26m (£21m). The purchase, which was funded from the firm’s existing cash pile, reflects an initial yield of 13.77 per cent. The properties total 127,000 square metres. Hansteen’s joint chief executive Ian Watson said: “We believe the portfolio represents fundamentally great value on a vacant possession basis. The fact that is that in addition it combines a high running yield, with potential to add value.”