6th Jun 2014 06:58
LONDON (Alliance News) - Hansteen Holdings PLC Friday said it has sold a property portfolio from the Ashtenne Industrial Fund, in which it has a 36.7% stake, for GBP62 million.
It said it was the first portfolio from the GBP490 million fund to be sold since Hansteen became its asset manager last August.
The sale, to Rockspring Hanover Property Unit Trust, reflects a net initial yield of 7.5%, according to the UK and Continental European property investment company.
The portfolio is made up of 10 multi-let industrial estates and one office park predominantly in the South East of England. It boasts a 91% occupancy rate, with the assets let to 120 tenants, including HSBC bank, Virgin Media and Halfords Autocentres, generating an annual net rental income of GBP4.9 million.
"Bidding for this portfolio was extremely competitive, which reflects the strength of the multi-let industrial market. We believe this sector will continue to experience yield compression and rental growth because of sustained occupier and investor demand," Mark Ovens, Hansteen's UK Director, said in a statement.
Hansteen was advised by DTZ on the transaction. Rockspring was advised by Fletcher King and Caisson.
By Samuel Agini; [email protected]; @samuelagini
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