Cases & Deals

Hansteen Holdings acquires €330 million German industrial portfolio

Clients 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.