Hansteen Holdings has exchanged contracts to buy a portfolio of 12 freehold and leasehold properties in
Ten of the properties are located on the east coast of
Hansteen – run by veteran investors Ian Watson and Morgan Jones – said more than half of the value is in five commercial properties with the remainder including five consented residential development sites totalling 20 acres and 17 new-build flats in two properties.
The company said the current vacancy level of the commercial properties is 28%.
Hansteen said the purchase would be funded from existing cash resources.
Morgan Jones, joint chief executive of Hansteen, said: “As with the previous Kilmartin portfolio, this portfolio contains a lot of small but interesting properties which we believe can produce good returns with focused and vigorous management.”
Additionally, Hansteen said it expects to enter into an asset management agreement where it will manage three industrial properties in Merseyside and
Ian Watson, joint chief executive of Hansteen, added: “We are particularly pleased that Hansteen’s ability to resolve complex asset management challenges has been recognised in the context of the asset management agreement.”
In April, the company exchanged contracts to buy failed Kilmartin Holdings’ remaining portfolio of 61 freehold and leasehold assets for £80m.
nathan.cross@estatesgazette.com
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