Brockton Capital and Dunedin are making their largest purchase to date with the acquisition of Hansteen’s industrial property unit trust.
The joint venture is paying £147.7m – a circa 8% yield – for the 2.8m sq ft portfolio.
Hansteen put the package ?of 40 industrial properties up ?for sale for £150m through Knight Frank in May.
Brockton and Dunedin first teamed up to invest in UK sheds in 2012. Its biggest purchases prior to Hansteen have been ?a £50.3m portfolio from M7 Real Estate and a £19.9m portfolio from CBRE Global Investors.
The pair beat off competition for Hansteen from Legal & ?General, Threadneedle and a host of opportunity funds and high-net-worth overseas bidders.
The disposal follows Hansteen’s sale of the £65.7m South portfolio to Rockspring in April, and its £42.3m purchase of Legal & General’s Spice portfolio in February.
JLL advised Brockton/Dunedin.
