Hansteen refinances Netherlands portfolio with new €145 million five-year facility
Hansteen (LSE: HSTN), the UK and Continental European property investment company, announces that it has refinanced two loans secured against its Netherlands light industrial property portfolio with a single loan totalling €145.0 million, resulting in a reduction in the cost of borrowing on the portfolio from 3.57% to 2.49%, excluding fees, representing a saving of €1.3 million per annum.
The Company’s €80.0 loan with FGH bank N.V. and €57.8 loan with ING Bank N.V., due for repayment in April 2017 and June 2019 respectively, have been refinanced with a €145.0 million five-year facility provided by ING Bank N.V. and various entities managed or advised by AXA REIM SGP. The loan-to-value ratio is 48% with hedging against 66% of the loan which results in an interest cost of 2.49% per annum, excluding fees.
Paul Rodger, Hansteen’s European Director, commented: “It is a testament to the growing interest in the Dutch light industrial sector, and to our business model, that we have been able to refinance this portfolio on such competitive terms. The new loan is significantly earnings enhancing as the cost of borrowing will reduce by €1.3 million per year. In addition the debt maturity profile has been extended from 1.69 years to 5 years”.
“We are delighted to have the opportunity to further develop our relationship with both ING and AXA and we look forward to working with both banks in the coming years”.
For further information:
Morgan Jones / Ian Watson Jeremy Carey
Hansteen Holdings PLC Tavistock
Tel: 020 7408 7000 Tel: 020 7920 3150
Notes to Editors:
HANSTEEN HOLDINGS PLC
Hansteen Holdings PLC (LSE:HSTN) is a European industrial REIT that invests in properties with high yields, low capital costs and opportunity for value improvement across the Netherlands, Germany, Belgium, France and the UK.
Founded by Morgan Jones and Ian Watson, the Company listed on Aim in November 2005 raising £125 million. In 2009, it raised a further £200.8 million by way of a Placing and Open Offer and moved to the Official List, converting to a REIT shortly thereafter. In April 2011, the Company raised a further £150 million by way of a Placing and Open Offer.
At 31 December 2015, Hansteen had total property under management of some 494 assets with a value of £1.5 billion.
About ING Real Estate Finance
ING Real Estate Finance is one of the leading commercial real estate financiers with a portfolio of around EUR 26,7 billion. We provide global coverage to clients from offices throughout Europe, US and Asia. ING Real Estate Finance is part of ING Bank.
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 52,000 employees offer retail and commercial banking services to customers in over 40 countries. ING Group shares are listed (in the form of depositary receipts) on the exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING’s corporate strategy, which is evidenced by ING Group shares being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World). where ING is among the leaders in the Banks industry group.