Hansteen Holdings Plc (HSTN), the industrial real estate investment company founded by Morgan Jones and Ian Watson, acquired 88 properties across the U.K. for a net 147.1 million pounds ($231 million).
Hansteen acquired the entire real estate portfolio of the Spencer Group of Companies, consisting of 4.1 million square feet (381,000 square meters) of mostly industrial space, the London-based company said in a statement today.
Hansteen acquired 59 percent of the properties and the rest was bought by its Hansteen U.K. Industrial Property LP fund, which is now fully invested. The properties are almost one third vacant and have the potential to generate an additional 4 million pounds in annual rent, according to the statement. The purchase also included 37 acres of development land.
The purchase provides “a great opportunity to create significant added value through improving occupancy and imposing our own approach,” Morgan Jones, Hansteen’s joint chief executive officer, said in the statement.
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