Transactions - MAY 13, 2015

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Hansteen sells HPUT II for £192.1m

by Andrea Waitrovich

Hansteen Holdings has announced the sale of its Hansteen U.K. Industrial Property Unit Trust II, a U.K.-focused multi-tenant portfolio of predominantly industrial properties, for £192.1 million ($302.5 million) to a fund advised by Brockton Capital LLP in a partnership with Dunedin Property.

“HPUT II was launched and seeded with a portfolio of 24 assets from Hansteen’s balance sheet,” said James Havery, director – U.K. of Hansteen, in a statement. “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 outperformance in approximately two years.”

The portfolio comprises 76 assets across England, Wales and Scotland with a combined floor area of 3.54 million square feet, a void rate of 11.0 percent (390,231 square feet), a passing rent of £14.3 million ($22.5 million) pe

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