Cases & Deals

  • Home
  • Practices
  • Hansteen Holdings acquires €330 million German industrial portfolio

Share

Hansteen Holdings acquires €330 million German industrial portfolio

April 2010

Client(s) Hansteen Holdings PLC

Jones Day advised the UK REIT Hansteen Holdings plc in relation to the approximately €330 million (US$453.8 million) acquisition and related financing of the German portfolio of the Halverton Babcock Industrial Fund (HBI).

As a "class 1 transaction", the acquisition was conditional upon the approval of Hansteen's shareholders, which was obtained at the beginning of April. HBI is a joint venture between the Australian GPT Group and Babcock & Brown that is being advised by Internosreal (formerly GPT Halverton) as asset manager. Arendt & Medernach advised Hansteen in relation to Luxembourg law.

The HBI Portfolio consists of 34 freehold properties throughout Germany with a total leasable area of more than 860,000 m² on 205 hectares (2,050,000 m²) of land. It is being held in a group of 40 Luxembourg and German entities and excellently compliments Hansteen's existing German portfolio with 51 properties.

Hansteen used approximately €70 million of equity for this transaction; the remaining amount of approximately €260 million consisted of a five year facility arranged by UniCredit Bank AG.

Before sending, please note:

Information on www.jonesday.com is for general use and is not legal advice. The mailing of this email is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Anything that you send to anyone at our Firm will not be confidential or privileged unless we have agreed to represent you. If you send this email, you confirm that you have read and understand this notice.