13th May 2015 06:43
LONDON (Alliance News) - FTSE 250-listed property company Hansteen Holdings PLC on Wednesday said it has completed the sale of its Hansteen UK Industrial Property Unit Trust II portfolio for GBP192.1 million.
Hansteen is selling the portfolio, a UK-based industrial property portfolio, to a fund advised by Brockton Capital LLP in a partnership with Dunedin Property.
"From Hansteen's perspective we are delighted with this result. The returns were achieved in a faster timescale than originally planned and releases cash back to the group which can be reinvested. The combination of performance fee and sale profits is approximately GBP5 million above the December 31, 2014 book value," said Mark Ovens, a UK director of Hansteen.
By Sam Unsted; [email protected]; @SamUAtAlliance
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