August 23, 2017 / 6:37 AM / a year ago

Property developer Hansteen to return 580 million pounds to investors

(Reuters) - Property group Hansteen Holdings (HSTN.L) plans to return 580 million pounds ($744 million) to shareholders by the end of this year, as it looks to hand back the proceeds of the sale of its German and Dutch industrial property portfolios.

The company said it was enjoying a period of strong investment and occupier demand as it reported on Wednesday 2.8 percent sequential growth in net asset value to 132.5 pence for the six months to June 30, from 128.9 pence on Dec. 31.

“For the first time in many years strong occupier demand has resulted in increasing rents per let square foot and it looks as though this trend will continue,” the British industrial property developer said in a statement.

Hansteen had in March agreed to sell its German and Dutch industrial property portfolios for 1.28 billion euros ($1.50 billion) to a venture between Blackstone Group LP (BX.N) and M7 Real Estate. The deal completed in June.

Reporting by Esha Vaish in Bengaluru, editing by Louise Heavens

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