Hansteen continues to sweat its portfolio of industrial estates. It has completed 156 lettings so far this year and sold 10 properties at 4.5 per cent above book value, mainly to owner-occupiers. Tenant demand is "robust" in Germany, "stable but competitive" in the UK and "difficult" in the Benelux countries.
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The company makes money by buying distressed portfolios cheaply and then aggressively marketing and re-letting the empty space, usually by cutting rents. Its latest acquisition was the Spencer portfolio, comprising some 88 assets, which it bought in December. So far it has managed to reduce the vacancy rate from 32 per cent to 27 per cent.
