London-listed REIT Hansteen has sold 11 UK industrial assets in three separate transactions for £43.9 mln (€55 mln).
London-listed REIT Hansteen has sold 11 UK industrial assets in three separate transactions for £43.9 mln (€55 mln).
The properties were held by the Ashtenne Industrial Fund (AIF), in which Hansteen has a 36.7% interest.
The largest asset, Langley Park in the centre of Chippenham, Wiltshire, comprises around 800,000 sq ft (74,300 m2) of office and industrial space and 19 acres of development land.
The site is occupied by tenants including Siemens, IXYS UK Westcode and Schneider Electric, generating an annual rental income of £1.9 mln. Langley Park was bought by Ashtenne in 2004 and is the largest single asset in AIF by both value and rental income.
In a separate transaction, Hansteen has completed the sale of a portfolio of nine multi-let industrial estates located in the northeast of England with an annual rental income of £900,000. The portfolio was sold to Arch, The Northumberland Development Company.
Hansteen has also disposed of Units A-C in the Townsend Industrial Estate in Dunstable to an owner-occupier.
Mark Ovens, UK director of Hansteen, commented: ‘None of these properties currently fit our target income profile and these sales will be substantially income-enhancing from the fund’s perspective. In each case Hansteen has identified a special purchaser for whom the property has a greater prospective value than it does for the fund.’
Savills acted for Hansteen on the sale of Langley Park.
