LONDON—Hansteen Holdings PLC, a UK and Continental European property investment company, has sold a portfolio from the Ashtenne Industrial Fund, in which it has a 36.7% interest, for a total of $104 million (£62M) to Rockspring Hanover Property Unit Trust, reflecting a net initial yield of 7.5%.
The portfolio comprises ten multi-tenant industrial properties and one office park, located predominantly in the South East of England, totaling 171 units and nearly 900,000 sq ft. The occupancy rate is 91% and the assets are let to 120 tenants including HSBC bank, Virgin Media and Halfords Autocentres, generating an annual net rental income of $8.2 million £4.9M.
This is the first portfolio from the $823 million (£490M). Ashtenne Industrial Fund to be sold since Hansteen was appointed as asset manager on the fund in August 2013.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
