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Hansteen sells industrial portfolio

HSTN : Hansteen sells industrial portfolio

Hansteen Holdings has sold its interest in the the Hansteen UK Industrial Property Unit Trust for £146.1m. The deal was done in two parts with Brockton Capital LLP (“Brockton Capital”) in a partnership with Dunedin Property paying £110.5m for the portfolio excluding Saltley Business Park and a separate 50/50 joint venture between Brockton Capital and Hansteen buying Saltley Business Park in Birmingham for a net price of £35.6 million.  Hansteen will continue to manage Saltley Business Park.

Hansteen set up the unit trust in July 2009 with £90 million of their own money and five institutional investors. The portfolio now has 42 assets across England, Wales and Scotland with a combined floor area of 3m sq ft, 9.7 of which was void, and produces a passing rent of £10m a year.  The fund also had 25.7 acres of development land.

Saltley Business Park has a passing rent of £2.4m, a contracted rent of £3.0m and a void of 2% (20,920 sq ft)

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