Le mie ricette per la real estate community(Hansteen increases buying power with launch of second £200 million industrial fund)
Hansteen Holdings PLC, the investor in continental European and UK real estate, announces the launch of the “Hansteen UK Industrial Property Unit Trust II “. The Fund has been seeded with approximately £49 million of property and will have the capacity to invest up to approximately £200 million in UK industrial property.
The Fund has been launched with £107 million of equity; one third provided by Hansteen and two thirds from clients of Aviva Investors Real Estate Multi-Managers (REMM). The Fund is the second of its type to be launched and co-invested by Hansteen and follows the success of The Hansteen UK Industrial Property Unit Trust launched in July 2009, which is now fully invested, in which Aviva Investors (REMM) are also unit holders.
Ian Watson, Joint Chief Executive of Hansteen said: “We are delighted to have entered into this venture with Aviva Investors, with whom we already enjoy a successful relationship as a co-investor in the first fund. The quantum of their investment is testament to their confidence in us as a partner who can deliver performance. They share our view that the current market is presenting real opportunities for well capitalised investors. We look forward to working with Aviva Investors as we exploit those opportunities over the life of the Fund.”
The Fund, which will be focused on both high-income generation as well as growth in net assets, is targeting annual returns, after fees and expenses, of 12-15%. Net income will be distributed quarterly. The life of the Fund will be six years and will be prudently geared to a maximum of 45% as equity is deployed. The Fund has a debt facility in place with Royal Bank of Scotland.
As property advisor, Hansteen will receive asset management fees and a performance based fee, in addition to the return on its investment.
