Hansteen is talking to a number of banks regarding sizeable potential acquisition opportunities, as it has both available capital and an appetite for secondary property. Generally over the period there was a lot of positive activity with acquisitions, lettings, renewals, sales and purchases.
In the UK HPUT acquired the landmark Bristol office buildings at the entrance to Aztec West Business Park and two industrial sections of the development from SWIP for £11 million including costs. Despite a 14% vacancy rate the present rent roll of £965,000 will rise next year to £1.16 million pa giving a 10% yield.
Hansteen has completed two disposals. On 29 September 2011 the HPUT sold Unit A, Vernon Park in Wolverhampton, acquired in 2010. The 3,793 sq m vacant unit was sold to J Banks & Co Limited for £2.3 million representing an uplift on both the acquisition cost and the current valuation.
From its own portfolio, Hansteen has sold Earn House in Perth for £1.37 million representing a profit over both acquisition cost and current valuation. The 2,140 sq m vacant office building was acquired by an occupier.