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Hansteen’s Saltley Business Park acquired via compulsory purchase order

Hansteen (LSE: HSTN), the investor in UK industrial property, announces that the UK’s Secretary of State for Transport has acquired Saltley Business Park, Birmingham from a subsidiary of Hansteen by way of a compulsory purchase order (CPO) under the High Speed Rail (London – West Midlands) Act 2017, to enable construction of the first phase of the HS2 route.

As part of the CPO process, High Speed Two (HS2) Limited, acting on behalf of the Secretary of State, has stated that a down payment of GBP36.96 million will be made, and a mutual valuation process is under way which is designed to establish the property’s market value. In the short term, the Company plans to use the initial proceeds to reduce the balance on its revolving debt facility.
Saltley Business Park comprises a substantial multi-let industrial estate totalling 1,078 million sq ft in 22 units with an ERV of GBP4.6 million per annum. 
The Park is situated on a strategic, self-contained site of approx. 47 acres, on the eastern edge of Birmingham City Centre, with easy access to the M6.

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