On Thursday, Hansteen Holding PLC called for a general meeting to be held April 21 in connection with the sale of its German and Dutch industrial portfolios for €1.28bn to Blackstone Group and M7 Real Estate. Hansteen revealed that the portfolio is being sold on a debt-free basis for cash and that a €50m deposit has already been paid. The remainder will be due upon completion of the deal, which is expected in June. Latent capital gains tax liabilities connect with the deal are to be split evenly by the two parties to the deal. Hansteen claims the portfolios are being sold at historically high levels of occupancy and rent and at a favorable Euro/Sterling exchange rate.
The deal underscores a period of frenetic activity in the industrial sector. As it happens, Blackstone is currently reported to be in the process of selling off its €10bn industrial platform Logicor. Hansteen, meanwhile, is also intent on capturing Industrial Multi Property PLC with a GBP 25.2m offer. Industrial Multi Property urged its shareholders to accept the offer yesterday after Hansteen declared its offer to be unconditional.
