Thursday, 18 December 2014
Hansteen disposes of €55.5 million of UK assets (UK)
Hansteen, the UK and Continental European property investment company, announces that it has completed the sale of eleven UK assets from the Ashtenne Industrial Fund (“AIF”), in which it has a 36.7% interest, for a combined price of £43.9 million (€55.5 million), in three separate transactions.
The largest asset, Langley Park, which has been sold for £32.0 million (€40.5 mln), is a 48 acre site in the centre of Chippenham, Wiltshire, comprising approximately 800,000 ft² (74.322 m²) of office and industrial space and 19 acres of development land. The site is occupied by tenants including Siemens PLCS, IXYS UK Westcode Ltd and Schneider Electric Limited generating an annual rental income of £1.9 million (€2.4 mln). Langley Park was bought by Ashtenne in 2004 and is the largest single asset in AIF by both value and rental income.
In a separate transaction, Hansteen has completed the sale of a portfolio of nine multi-let industrial estates located in the north east of England with a total area of 334,135 ft² (31.029 m²). The portfolio was sold to Arch, The Northumberland Development Company.
Hansteen has also disposed of Units A-C Townsend Industrial Estate, Dunstable a 50,000 ft² (4.645 m²) distribution unit sold with vacant possession to an owner occupier.
Mark Ovens Director (UK) of Hansteen, commented: “None of these properties currently fit our target income profile and these sales will be substantially income enhancing from the Fund’s perspective. In each case Hansteen has identified a special purchaser for whom the property has a greater prospective value than it does for the Fund.”
Savills acted for Hansteen on the sale of Langley Park.