Hansteen sells UK industrial package for €268m

European industrial REIT Hansteen Holdings has announced the sale of the Hansteen UK Industrial Property Unit Trust II, a multi-let property portfolio in the UK, for £192 mln (€268 mln).

The buyer is a fund advised by Brockton Capital in a partnership with Dunedin Property.

HPUT2 was launched in May 2013 with £107 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 combined floor area of 3.54 million sq ft (330,000 m2), a void rate of 11%, and a passing rent of £14.3 mln per annum.

'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,' commented James Havery, director UK of Hansteen.

Hansteen Holdings invests in properties with high yields, low capital costs and opportunity for value improvement across Germany, the UK, the Netherlands, Belgium and France.

Founded by Morgan Jones and Ian Watson, the company has total property under management of some 583 assets with a value of £1.6 bn.