Hansteen has bought the remaining £39.5m of shares in the Ashtenne Industrial Fund and has completed a £330m refinancing of the company.
The fund owns 11.3m sq ft of multi-let industrial properties in the UK with a gross asset value of £436.4m.
The units were purchased from British Airways Pension Trustees, The Royal London Mutual Insurance Society, Kames Capital, and clients of Schroder Real Estate Capital Partners.
Hansteen has subsequently refinanced its debt held against the company’s UK and France portfolios, as well as the AIF portfolio, with a single £330m loan from Royal Bank of Scotland.
The new facility replaces a £95m corporate revolving credit facility from RBS and a £138.1m loan held against AIF provided by a syndicate of lenders led by RBS. Hansteen has drawn £280m of the facility, which equates to 43.8% loan-to-value. The interest cost is 2.3% per annum.
Hansteen UK property director Derek Heathwood said: “The purchase represents the acquisition of about £60m of property at a yield on the passing rent in excess of 8%. The investment further increases our exposure to the UK light industrial sector and our unique UK asset management platform of seven offices will enable us to drive value not only by reducing the void, but also by continuing to focus on rental growth which we are witnessing across all our UK regions.”
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