Wednesday, 13 May 2015
Hansteen Holdings PLC sells HPUT ll for €268 mln (UK)
Hansteen Holdings PLC, the UK and Continental European property investment company announces the sale of the Hansteen UK Industrial Property Unit Trust II, a UK multi-let predominantly industrial property portfolio for £192.1 mln (approx. €268 mln), to a fund advised by Brockton Capital LLP in a partnership with Dunedin Property.
HPUT2 was launched in May 2013 with £107 mln (approx. €149 mln) of equity commitments from Hansteen and clients of Aviva Investors. On exit the Fund comprised 76 assets across England, Wales and Scotland with a passing rent of £14.3 mln (approx. €20 mln) per annum. The Fund invested throughout 2013 and 2014.
James Havery, Director UK of Hansteen commented: “HPUT2 was launched and seeded with a portfolio of 24 assets from Hansteen’s balance sheet. A sustained period of further investment and asset management has led to the accelerated exit of the vehicle and it is hugely satisfying to have repatriated the capital to unit holders with significant out-performance in approximately two years.”