European industrial REIT Hansteen has acquired two UK industrial assets in the UK for a combined price of £41 mln (€56m).
European industrial REIT Hansteen has acquired two UK industrial assets in the UK for a combined price of £41 mln (€56m).
Hansteen has exchanged contracts to acquire West Hallam Industrial Estate in Ilkeston, south Derbyshire from special purpose vehicle, DV4 Properties West Hallam. The investment volume of £27.3 mln reflects a triple net initial yield of 6.2%.
West Hallam Estate covers 48 hectares and comprises 106 buildings, totalling 119,000 m2. The entire site is let to Norbert Dentressangle, which was acquired by XPO Logistics in June 2015. The total annual rental income comes to £1.7 mln.
Hansteen has also exchanged contracts to acquire Belasis Business Park, Billingham, Teesside, for £13.8 mln. The investment volume reflects a net initial yield of 7%, which rises to 8.3% on contracted rent.
Belasis Business Park provides 33 purpose-built, detached and terraced business units, totalling 12,000 m2 on a 25-hectare site including 0.7 of a hectare with development consent. It is 84% let to 19 occupiers, generating annual contracted income of £1.15 mln.