Hansteen, the investor in continental European and UK real estate, has reported IFRS pre-tax profit of GBP46.2m for 2012 (2011: GBP8.9m).

Normalised income profit totalled GBP30.8m (2011: GBP25.7m), while normalised total profit was GBP34.3m including GBP1.8m insurance receipt (2011: GBP34.2m including GBP5.3m insurance receipt).

Hansteen’s diluted EPRA NAV per share is 83p (2011: 82p), with an annual dividend payable of 4.5p (2011: 4.0p), which equates to a dividend yield of 5.6 per cent.

James Hambro, Hansteen chairman, says: “The board continues to believe that Hansteen's proven business model, which is to purchase carefully, finance prudently and manage well, a large and diverse industrial portfolio, will produce secure, high and growing returns.
 
“Although over the last few years the Hansteen management team has successfully let or sold material amounts of the vacant property that Hansteen has purchased since flotation, there is still nearly 18 per cent of the portfolio vacant and available to improve earnings and NAV.
 
“The decision to build Hansteen’s direct marketing and asset management teams across the UK, Benelux and Germany is now providing the Group with the platform to better exploit our existing portfolio and gives us the opportunity to efficiently absorb any new acquisitions."