Hansteen increases stake in industrial property portfolio
Hansteen has bought a further 24.2m units in the Ashtenne Industrial Fund (AIF) for £11m.
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The company’s UK and Continental European property investment business has increased its stake in AIF to 40.8%.
AIF owns 13.6m sq ft of multi-let industrial properties in the UK. At 30 June 2014, the portfolio consisted of 3,285 units, on 269 individual estates, with an annual rent roll of £39.2m and vacancy of 18.1%. The gross asset value of the properties was £447.7m.
Morgan Jones, joint chief executive of Hansteen, said: "We have taken this opportunity to add to our interest in the Ashtenne Industrial Fund, as we believe there is scope for growth in both value and income".