Hansteen acquires 32 estates from The Industrial Trust
Hansteen has purchased a portfolio of industrial estates for 60m pounds from The Industrial Trust.
Hansteen has purchased a portfolio of industrial estates for 60m pounds from The Industrial Trust.
The investor in UK and continental European real estates will use existing cash resources and debt via a new facility with Royal Bank of Scotland to pay for the portfolio which includes 32 estates - a total of 1.6m square feet across the UK.
It has an rent roll of £6.7m per year. The acquisition, which is due to be completed on January 31st, will show a net initial yield of 10.1%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Mark Ovens of Hansteen, said: "The portfolio is highly compatible with our intensive management approach and the team's experience across the UK. It has strong fundamentals with a great opportunity to add value through improving occupancy and imposing our management approach via our network of regionally based asset managers."
Hansteen recently acquired Zeppelin Park, a 160 hectare industrial park located in western Berlin, for €11.3m. The park contains 40,134 square metres of logistics and light industrial space in 19 buildings let to 26 tenants, with a current vacancy of approximately 17%.
The passing rent is €1.7m per annum and the target rent when fully occupied will be €2m per annum. Capital expenditure cost of about €3m is expected to be required to achieve the target rent.
RD
-
SIPP holders to get cash warnings and be offered default funds
News Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
By Marc Shoffman Published
-
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
By Marc Shoffman Published