- Industrial property investor Hansteen reported a rise in earnings thanks to an increase in the value of its property portfolio and rental income.

For the six months ended 30 June 2019, earnings -- stated as EPRA net asset value per share – rose to 104.4p from 102.7p a share.

The property valuation increase 1.3% and the company secured 373 new leases and renewals at an average contracted rent of £4.62 per sq ft, up from £4.03 per sq ft, with new leases and renewals 4.6% ahead of enterprise rent value a year earlier.

'Our asset management team again performed strongly securing £7.2 million of contracted rent from 373 new leases and lease renewals at average rents that are 14.6% higher than the portfolio average at the start of the year,' the company said.

An interim dividend of 2.0p per share was declined, down from 2.4p per share.

'In the six months to 30 June 2019 we produced growth in NAV per share, like-for-like property values, like-for-like rent roll, tone of rents and occupancy,' the company said. 'In addition, we completed a small number of profitable sales and secured some good acquisitions.'

At 9:41am: [LON:HSTN] Hansteen Holdings PLC share price was -0.7p at 90.3p

Story provided by