Hansteen on spending spree in Essex

Industrial property specialist, Hansteen Holdings, has been busy buying up assets in both the UK and Germany.

The group has spent £26.2m on the 26 acre Horndon Industrial Park in Essex and notarised three other industrial properties in Germany.

The Horndon acquisition, which has come via the administrators of defunct outfit Easter Investments Three, is currently let to 43 tenants and has a vacancy rate of 32.94%.

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The German properties in Uhingen, Grevenbroich and Henstedt-Ulzburg, totalling over 271,000 square feet, are fully occupied and are being sold by Cambridge Place Investments.

The combined rent roll of the purchases will be £2.7m.

The group has also sold two properties in Germany for a total of €9.4m.

Commenting on the Horndon acquisition Morgan Jones of Hansteen, said: "The high yield and vacancy rate, combined with its excellent location provides plenty of opportunity to build value through active asset management."

BS