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Hansteen buys two UK industrial assets for £41.1m

LONDON (ShareCast) - (ShareCast News) - Property investor Hansteen Holdings (LSE: HSTN.L - news) has acquired two UK industrial assets in Derbyshire and the North East of England for a combined price of £41.1m. The company has exchanged contracts to acquire West Hallam Industrial Estate from DV4 Properties West Hallam Ltd, an SPV which owns West Hallam Industrial Estate, Ilkeston, in south Derbyshire for £27.3m. Completion is due to take place on Thursday 24 September.

Hansteen has also agreed to buy Belasis Business Park, Billingham, Teesside, for £13.8m, with completion scheduled for Tuesday 29 September.

West Hallam Estate covers 118 acres and includes 106 buildings, totalling 1.28m sq ft. The entire site is let to Norbert Dentressangle on two agreements, and produces a total annual income of £1.7m. Belasis Business Park provides 33 purpose-built, detached and terraced business units, totalling 129,136 sq ft on a 62 acre site including 1.67 acres consented for additional development. It (Other OTC: ITGL - news) is 84% let to 19 occupiers, generating annual contracted income of £1.15m.

Joint chief executive Ian Watson said: "We are very pleased to have acquired these two assets so soon after having raised equity from our shareholders. Both assets offer excellent income security together with the opportunity to enhance returns through asset management."