Hansteen Holdings has launched its second industrial real estate fund with a quarter of its capacity already invested.
Hansteen Holdings has launched its second industrial real estate fund with a quarter of its capacity already invested.
The UK REIT announced the new vehicle, Hansteen UK Industrial Property Unit Trust II (HPUTII), has been seeded with £49 mln (€57 mln) of property. It will have the capacity to invest up to £200 mln in UK industrial property.
The fund has been launched with £107 mln of equity; one third provided by Hansteen and two thirds from clients of Aviva Investors Real Estate Multi-Managers (REMM).
HPUTII will be focused on both high-income generation as well as growth in net assets, and is targeting annual returns, after fees and expenses, of 12-15%. Net income will be distributed quarterly. The fund will run for six years and it will be geared to a maximum of 45% as equity is deployed.
Royal Bank of Scotland is providing a debt facility.
The previous vehicle, Hansteen UK Industrial Property Unit Trust, was launched in July 2009 and is fully invested. Aviva Investors (REMM) was also a unit holder in that fund.
