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Blackstone and M7 buy German Hansteen assets for €974mn

Hansteen is selling its German and Dutch portfolios for €1.28bn to a joint venture of Blackstone and M7. The purchase price exceeds the portfolio values as of late 2016 by €76mn or 6 %. German assets (primarily logistics) account for €974.3mn of the purchase price. At the end of the year, Hansteen valued its 100 German properties at €887.5mn, at a rental yield of 7.4 %. The portfolio totals 1.56 million sqm and is 90 % leased. A transaction is still pending for the purchase of further German properties worth €14mn, which will then also go to Blackstone/M7. The deal will be closed by the end of June. The portfolios will then be managed by M7; 36 Hansteen employees are joining the company.

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