Hansteen Holdings has reported an increase of 29 per cent in its normalised income profit to GBP18.9m for the six months ended 30 June 2013 (H1 2012: GBP14.7m).
Normalised income profit per share, before tax, increased by 26 per cent to 2.9p (H1 2012: 2.3p), while normalised total profit increased by 29 per cent to GBP22.0m (H1 2012: GBP17.1m).
IFRS profit before tax totalled GBP14.9m (H1 2012: GBP23.7m), with a diluted EPRA NAV per share of 85p (31 December 2012: 83p). The November interim dividend increased by six per cent to 1.9p per share (November 2012: 1.8p per share), while net debt to property value ratio totalled 41.9 per cent (31 December 2012: 38.6 per cent).
Hansteen Holdings secured 20 sales across the group during ten period with a total value of GBP77.3m and a combined profit of GBP3.2m.
A total of GBP64.0m worth of properties were acquired in the year to date at an average yield of 10.8 per cent and a vacancy of 15.4 per cent.
Hansteen also launched its second co-investment fund (HPUT II), which was seeded with GBP49.0m of property from the wholly-owned portfolio.
James Hambro, chairman, says: “The first half of 2013 was a busy period for Hansteen resulting in strong profits, a large number of sales and new acquisitions. This activity, together with a positive currency movement, produced NAV growth. Significant increases in the rent roll, normalised profits and the half year dividend show that the portfolio continues to perform strongly. Values of secondary industrial property have not yet shown the yield compression evident in relation to prime industrial property although if investor sentiment continues to improve we expect it to do so. At the end of this busy period, as announced at the end of June 2013, the EUR100m convertible bond offering provides the group with capacity to make further acquisitions."