COMMERCIAL property owner Ashtenne, which has its Yorkshire base at Thorpe Park in Leeds, has sold a further £103.7m of units in its Ashtenne Industrial Fund (AIF) to real estate investment firm Hansteen Holdings.
London-based Hansteen’s purchase represents 35.7% of the fund and takes its holding in it up to 76.5%.
The acquisition represents £156.8m of UK industrial property valued at a yield of 8.3%.
In September 2013 Hansteen invested £53m in AIF units representing 27.5% and assumed the asset management contract of the fund.
Since then it has acquired additional stakes to take its holding to 40.8 per cent before the acquisition announced today
At 30 June 2015, the AIF portfolio comprised more than 2,300 units, on 237 individual estates, with a passing rent of £36.2m, a vacancy of 13.5% and a gross asset value of the properties of £439.3m.
Ashtenne’s property portfolio in Yorkshire includes the Euroway Trading Estate and the Listerhills Science Park in Bradford, and Newlands Science Park in Hull.
Ian Watson, joint chief executive of Hansteen, said: “The acquisition of these AIF units is an exceptional opportunity both in terms of scale and price in a very competitive UK market and also crystallises a c.£6m uplift.
“This acquisition and placing, for which we have received strong indications of support, will be earnings and NAV accretive in the current financial year and beyond.”
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