Hansteen buys £15.4m of AIF units

Property investment company Hansteen has acquired a further 31.6m units in the Ashtenne Industrial Fund (AIF) from Britel Fund Trustees Limited for £15.4m in cash, reflecting a price per unit of £0.4869.

The price represents an effective 5% discount to Hansteen's carrying value for the fund as at 30 June 2015 and the transaction brings the group's holding in AIF to 81.8%.

The company also announced that AIF has sold 10 properties in individual transactions for a combined £20m.

The prices represent a profit of £3m over 31 December 2014 book value and £0.4m over the latest valuation. The properties sold total more than 430,000 sq ft and produce a total annual passing rent roll of £1m.

AIF owns some 12.0 million sq ft of multi-let industrial properties in the UK.

At 30 June 2015, the portfolio consisted of 2,935 units at 237 individual estates, with an annual rent roll of £36.2m and vacancy of 13.5%. The gross asset value of the properties was £439.3m.

Morgan Jones, joint chief executive of Hansteen, said: "The acquisition of these units in AIF was an excellent opportunity to consolidate our holding in the fund, as we believe there is scope for further growth in both value and income.”