7th Jan 2014 09:28
LONDON (Alliance News) - Property investment group Hansteen Holdings PLC Tuesday said it has sold 27 assets during the fourth quarter 2013 for GBP76.4 million, representing a net initial yield of 7.1%.
Hansteen said the sales produced a profit of GBP10.8 million over gross acquisition cost and GBP6.9 million over their valuation in December 2012.
As some of the properties were in funds that Hansteen manages and co-invests in, its share of the profit will be GBP4.2 million.
The sales include Horndon Industrial Estate in Essex, sold for GBP22.6 million; The Malthouse Estate in Shoreham, Sussex, sold for GBP6.4 million; and Vernon Park in Wolverhampton, sold for GBP7.8 million.
Hansteen said, aside from these properties, a further 13 UK commercial properties at GBP14.4 million were disposed, while it sold an 11 asset portfolio of multi-let industrial estates located across the South East to a UK institution for GBP25.2 million.
The stock was trading flat at 109.40 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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