Hansteen’s results for the year ended 31 December 2014 show a 12.1% increase in its EPRA Net asset value and a 4% increase in its EPRA earnings per share. They have increased the full year dividend from 4.8p to 5p and, in addition, are paying a special dividend of 3p per share. This brings the total return for the year to 17%.
They sold £315.3m of property during the year at a profit of £26.1m over 31 December 2013 valuation and reinvested part of that money, spending £267.7m on acquisitions that had an average initial yield of 9.8% and vacancy of 16%. they also spent £37m to increase their stake in the Ashtenne Industrial Property unit trust to more than 40%.
They see considerable upside in the portfolio if they can drive down vacancies – the rent roll for 2014 was £137.7m but would have been £171.4m had everything been fully let. The bulk of the directly held portfolio (by area and value) is now in Germany – 1.6m sq ft worth £605m out of a total portfolio of 2.6m sq ft and £968m.
HSTN : 2014 was a good year for Hansteen