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Hansteen to sell German, Dutch industrial properties for €1,28bn

Hansteen announces that it has agreed to dispose of its German and Dutch portfolios for €1.28 billion to the Onyx-venture of the Blackstone Group and M7 Real Estate. The completion is expected to occur before the end of June 2017. The price represents a premium of approximately €76 million (6 per cent.) to the Year End Valuation which itself included a valuation uplift of €34 million over the 31 December 2015 valuation. The portfolios are being sold on a debt free basis for cash. According to Hansteen, the disposal realises the value in the portfolios at a time when not only are they at historically high levels of occupancy and rent for the period of Hansteen's ownership but also the Euro/Sterling exchange rate is favourable.