Hansteen Holdings, the London-listed investor in UK and Continental European real estate, has exchanged contracts to acquire a multi-sector portfolio of 12 freehold and leasehold assets in Scotland for a total cost of £13.5 mln (EUR 16.5 mln).

Hansteen Holdings, the London-listed investor in UK and Continental European real estate, has exchanged contracts to acquire a multi-sector portfolio of 12 freehold and leasehold assets in Scotland for a total cost of £13.5 mln (EUR 16.5 mln).

The portfolio comprises 10 freehold and two leasehold properties which were owned by property firm Kilmartin. Ten of the properties are located on the east coast of Scotland between Perth and Edinburgh. About 54% of the value is in five commercial properties with the remainder comprising five consented residential development sites. The net annual rent receivable rent from the commercial properties is £839,533, which equates to an initial yield of 11.46%. The current vacancy rate of the commercial property is 28%.

Additionally, Hansteen expects to enter into an asset management agreement whereby the Company will manage three substantial industrial properties in Merseyside and South Humberside in return for a management fee and an incentive payment upon a successful sale.

Morgan Jones, Joint CEO of Hansteen commented: 'As with the previous Kilmartin portfolio, this portfolio contains a lot of small but interesting properties which we believe can produce good returns with focused and vigorous management.'