Track Record

HPUT: Hansteen UK Industrial Property Unit Trust

Fully realised within business plan

  • Launched in July 2009 with £90m of equity commitments.  Co-investors included Aviva, INGREIM, Schroders, Blackrock and Henderson.
  • JPUT with English LP.
  • Strategy to assemble a portfolio of industrial properties with high running yields and opportunities to add value.
  • Blind pool.
  • Two pre-defined drawdowns at launch and end of sixth month.
  • Reached full investment after 30 months.
  • 9 individual acquisitions ranging from single asset deals to portfolio/corporate entity acquisitions.
  • Opportunistic selling through the life of the vehicle – 58 assets (£63.9m at a profit of £9.7m).
  • Fund sold in a corporate transaction in October 2014 for £145.4m repatriating capital to investors having produced a fully realised 9.7% IRR, an average income distribution of 4.0% and an equity multiple of 1.6x.

      Composition at exit:

  • 42 assets, 451 units, 382 tenants.
  • 3.0m sq. ft. with 9.7% voidfloor area.
  • Annual passing rent of £10.08mand a contracted rent of £11.54mper annum.

HPUT2: Hansteen UK Industrial Property Unit Trust II

– Fully realised within business plan

  • Launched in May 2013 with £107m of equity commitments. Aviva was the largest investor.
  • JPUT with English LP.
  • Strategy to produce a strong and diversified income return before realising an EXIT and to produce total returns of 12.5 –15% IRR.
  • Seeded with 24 assets (£49m).
  • Fully invested with 18 months including gearing at c.50%.
  • 12 individual acquisitions ranging from single asset deals to portfolio acquisitions; and from a spectrum of investor types.
  • Opportunistic selling through the life of the vehicle – 17 assets (£13.3m at a profit of £2.6m).
  • Fund sold as a corporate vehicle in May 2015 for £192.1m repatriating capital to investors having produced a fully realised 27.4% IRR, an average income distribution of 7.5% and an equity multiple of 1.4x.

      Composition at exit:

  • 76 assets, 988 units, 646 tenants.
  • 3.54m sq. ft. with 11% void floor area.
  • Approximately 80% industrial, 20% office.
  • Annual passing rent of £14.3m and a contracted rent of £15.5m per annum.