Hansteen acquires a portfolio of multi-let industrial estates in the UK.
The London-listed investor in UK and continental European real estate has exchanged contracts with The Industrial Trust to acquire a portfolio of multi-let industrial estates, for 拢56.8 mln net (鈧� 70 mln) from existing cash resources and debt via a new facility with Royal Bank of Scotland.
The portfolio, which forms part of The Industrial Trust comprises 32 estates, located across the UK. It has a current annual rent roll of 拢6.1 mln, a vacancy rate of 16% and an estimated rental value (ERV) of 拢6.7 mln per annum. The acquisition, which is due to complete on 31 January 2013, will show a net initial yield of 10.1%.
Knight Frank acted for The Industrial Trust.
Joint CEO Ian Watson of Hansteen, commented: 'This is our first purchase, from a special servicer, of a property that was part of a CMBS issue. It was complex and time consuming, and will require an investment of both skill and capital to fully realise the opportunities that it presents, however, we are confident that with that investment it will prove to be a great acquisition.'
