|
contents | business | |||||||||
| Hansteen acquires portfolio of properties from Kilmartin JV Hansteen Holdings (LSE: HSTN), the investor in UK and Continental European real estate has exchanged contracts to acquire a multi-sector portfolio of 12 freehold and leasehold assets in Scotland for a total cost of £13.5 million. The Portfolio: o Ten freehold and two leasehold properties o Ten of the properties are located on the east coast of Scotland between Perth and Edinburgh. o 54% of the value is in five commercial properties with the remainder comprising five consented residential development sites totalling 20 acres and 17 new build flats in two properties. o Net annual rent receivable from the commercial properties is £839,533 equating to an initial yield of 11.46%. o Current vacancy of commercial property is 28%. Additionally, Hansteen expects to enter into an asset management agreement whereby the Company will manage three substantial industrial properties in Merseyside and South Humberside in return for a management fee and an incentive payment upon a successful sale. The Portfolio is highly compatible with Hansteen's intensive management approach and the Directors' experience across the UK market.The acquisition of the Portfolio is to be funded from Hansteen's existing cash resources. The acquisition of the majority of the Portfolio completed on the 20 August 2010 and the acquisition of the leasehold properties will complete five business days after obtaining the relevant landlord's consent. write your comments about the article :: © 2010 Construction News :: home page |