Hansteen has exited its UK Industrial Property Unit Trust II early in a £192.1m deal with Brockton Capital and Dunedin Property.
Hansteen’s disposal saw approximately 18% of its UK holdings sold in one deal, with 76 assets totalling 3.54m sq ft sold to a fund advised by Brockton in partnership with Dunedin.
The partnership will take on a portfolio which has a passing rent of £14.3m pa or £4.54 per sq ft with a void rate of 11%.
The fund was launched in May 2013 seeded with £107m, a third of which came from Hansteen and the balance from clients of Aviva Investors.
Among the assets were a portfolio of South East offices and a portfolio of five industrial estates in Wales and Leicestershire, which the fund acquired in November 2014.
Hansteen’s UK director James Harvey said: “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.”
