New owner for Doncaster industrial estate

THE Denaby Main Industrial Estate has changed hands as part of a £60m deal.

AIM-listed property firm Hansteen has bought 32 sites across the UK from The Industrial Trust, partly funded with a loan from the Royal Bank of Scotland.

The Denaby Main site accounts for just over 1% of the deal value. The portfolio has 1.6 million sq ft, an annual rent roll of £6.1m and a vacancy rate of 16%. The acquisition, due to complete on January 31, will show a net initial yield of 10.1%.

Mark Ovens of Hansteen, said: “The portfolio is highly compatible with our intensive management approach and the team’s experience across the UK.

“It has strong fundamentals with a great opportunity to add value through improving occupancy and imposing our management approach via our network of regionally based asset managers.”

Knight Frank acted for The Industrial Trust.