LONDON—Hansteen Holdings PLC, a UK and Continental European property investment company, has completed the acquisition of a portfolio of seven multi-let offices and a portfolio of five industrial estates. The investment was made on behalf of Hansteen UK Industrial Property Unit Trust II.
The combined purchase price of $57 million (£36.2M) reflects a yield on passing rents of 9.0% gross of acquisition costs and an overall capital value of $117 (£73.8) per square foot.
"Our regional network will incorporate the assets into their respective portfolios and we expect to see early rental performance as a result,” said James Havery, director UK of Hansteen. “As we approach the end of HPUT II's investment period in March 2015, these acquisitions are both timely and accretive. We have further acquisitions under offer but still have firepower for assets that demonstrate strong property fundamentals and to which we can apply our particular skill set."
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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.
