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European industrial REIT Hansteen Holdings has carried out the acquisition of nine regional German industrial estates in three separate acquisitions worth a total of €57 mln.

A portfolio of seven properties has been acquired from UK REIT Segro and the other two from Tetra Pak Produktions GmbH & Co KG and from Kungsleden respectively.

The purchased assets provide a total lettable area of 139,187 m2, of which 26,527 m2 (19.06%) is currently vacant. The properties produce a combined passing rent roll of €5.27 mln per annum from 22 tenants, reflecting an initial yield of 9.3%, with an unexpired weighted average lease term of 4.76 years. When fully let, the portfolio is expected to produce a rent roll of €6.69 mln per annum.

The portfolio of seven properties acquired from Segro comprises a total lettable area of 105,865 m2, of which 8,532 m2 is currently vacant, with the key assets located in Aachen, Hannover, Darmstadt and Willich.

The price agreed with Segro reflects an EPRA net initial yield of 8.1% and a 2% discount compared to the portfolio's valuation at 30 June 2014.

For Segro, the disposal marks another step in its portfolio re-shaping strategy to focus on modern, sustainable properties in its core light industrial and big box logistics warehouse markets in the UK and Continental Europe.

In a separate transaction, Hansteen has acquired from Tetra Pak a vacant 17,995 m2 property on a 45,112 m2 site in Berlin-Heiligensee (North West).

Hansteen has also acquired from Kungsleden a 15,327 m2, single-occupier, head office, manufacturing and distribution property on a site of 31,236 m2. It is let on a long lease to Bulten, whose main business is the production and distribution of screws and bolts for the automotive industry.

The acquisitions were funded from existing cash resources along with a new five-year loan facility which has been agreed with HSBC.