Hansteen NAV per share leaps 11.9%

Hansteen Holdings’ net asset value per share jumped 11.9% to 124.4p in the six months to the end of June.

The industrial property group also reported normalised income profit increased by 28.1% to £29.2m. However, pre-tax profit almost halved to £54.8m compared to £103.7m at the same point last year.

The group has also increased the November interim dividend by 4.8% to 2.2p per share, compared to 2.1p last year. Gearing in the group also rose to 44.9%, up from 41.2%.

James Hambro, chairman of Hansteen, said: “Light industrial property is one of the few areas of the property sector which has not yet surpassed its previous value highs. Yields are still high relative to the cost of money. Hansteen’s portfolio has a simple yield of 7.6% (passing rent divided by value) and our all-in cost of borrowing is 3.2%. That yield has consistently translated into one of the highest earnings amongst the REIT sector and wrapped in the yield and earnings is around 450 acres of undeveloped land and 5.3m sq ft of vacant space, both of which does not produce income but will in time produce further value.”

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