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Hansteen disposal worth more than its market cap
In a deal worth more than its current market valuation (£913m), real estate investment trust Hansteen (HSTN) has agreed to sell its German and Netherlands industrial assets for £1.1bn. Shareholders are likely to get a cash bonus from some of this money.
The price represents a 6% premium to its year-end valuation. According to the company, which is left with a mainly UK-focused portfolio, this was a ‘compelling opportunity’ to crystallise both ‘revaluation gains’ and favourable movements in exchange rates.