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Hansteen discloses closing date of €1.28B asset sale deal

Hansteen Holdings Plc said its €1.28 billion sale of its properties in the Netherlands and Germany to funds advised by Blackstone Group LP and M7 Real Estate affiliates is expected to wrap up June 16.

The company also said that the approximately €750 million net proceeds from the deal was entered into a forward-currency transaction with a June 20 maturity date, wherein €580 million was sold for about £503.1 million, to satisfy certain euro liabilities, according to a filing. The forward-currency agreement was supposed to mature June 8 but rolled forward due to the portfolio sale's expected closing date.

Hansteen also repeated that it will distribute a significant portion of the proceeds to shareholders as soon as possible.