Hansteen sells HPUT ll for £192.1 million
Hansteen Holdings PLC (LSE: HSTN), the UK and Continental European property investment company, announces the sale of the Hansteen UK Industrial Property Unit Trust II (“HPUT2” or “the Fund”), a UK multi-let predominantly industrial property portfolio for £192.1 million, to a fund advised by Brockton Capital LLP in a partnership with Dunedin Property.
HPUT2 was launched in May 2013 with £107 million of equity commitments from Hansteen and clients of Aviva Investors. On exit the Fund comprised 76 assets across England, Wales and Scotland with a combined floor area of 3.54 million sq ft, a void rate of 11.0 % (390,231 sq ft), a passing rent of £14.3 million per annum, equating to average passing rents across the occupied portfolio of £4.54 psf. The Fund invested throughout 2013 and 2014.
James Havery, Director UK of Hansteen commented: “HPUT2 was launched and seeded with a portfolio of 24 assets from Hansteen’s balance sheet. A sustained period of further investment and asset management has led to the accelerated exit of the vehicle and it is hugely satisfying to have repatriated the capital to unit holders with significant out-performance in approximately two years.”
Mark Ovens, Director UK of Hansteen, commented: “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 £5 million above the 31 December 2014 book value”.
For further information:
Ian Watson / Morgan Jones Jeremy Carey / Faye Walters
Hansteen Holdings PLC Tavistock
Tel: 020 7408 7000 Tel: 020 7920 3150
Notes to Editors:
HANSTEEN HOLDINGS PLC
Hansteen Holdings PLC (LSE: HSTN) is a European industrial REIT that invests in properties with high yields, low capital costs and opportunity for value improvement across Germany, the UK, the Netherlands, Belgium and France.
Founded by Morgan Jones and Ian Watson, the Company listed on Aim in November 2005 raising £125 million. In 2009, it raised a further £200.8 million by way of a Placing and Open Offer and moved to the Official List, converting to a REIT shortly thereafter. In April 2011, the Company raised a further £150 million by way of a Placing and Open Offer.
At 31 December 2014 Hansteen had total property under management of some 583 assets with a value of £1.6 billion.