Hansteen Holdings PLC, the UK and Continental European property investment company, announces the sale of the Hansteen UK Industrial Property Unit Trust, a UK multi-let industrial property portfolio, in two transactions for a total of £146.1 mln (approx. €186.9 mln).
The 41 assets in HPUT have been acquired by a fund advised by Brockton Capital LLP in a partnership with Dunedin Property for £110.5mln (approx. €141.4 mln). A separate 50/50 joint venture between Brockton Capital and Hansteen has acquired Saltley Business Park in Birmingham for a net price of £35.6 mln (approx. €45.5 mln) Hansteen will continue to manage Saltley Business Park.
HPUT was launched in July 2009 with £90 mln (approx. €115.2 mln) of equity from Hansteen and five institutional investors. On exit it comprised 42 assets across England, Wales and Scotland with a combined floor area of 282,425 m², a passing rent of £10.0 mln (approx €12.8 mln) per annum, equating to a contracted rent of £11.5 mln (approx €14.7 mln).
The 41 assets sold within the Fund have a passing rent of £7.6 mln (approx €9.7 mln) per annum, a contracted rent of £8.5 mln (approx €10.9 mln) per annum and a void rate of 13.5% (25,337 m²). Saltley Business Park has a passing rent of £2.4 mln (approx €3.07 mln) per annum, a contracted rent of £3.0 mln (approx €3.8 mln) per annum and a void of 2.05% (1,943 m²).
Mark Ovens, Director UK of Hansteen commented: “We launched HPUT to take advantage of the economic downturn which had resulted in high levels of distress throughout the sector. Acquisitions were made up to December 2011, predominantly from situations where banks were involved. Intensive asset management and some smaller sales followed before the final exit. It is tremendously satisfying to have launched the Fund, met the investment return objectives and returned the capital to unit-holders within the time scale envisaged at the outset.”
Source: Hansteen Holdings PLC