Industrial property investor Hansteen, which has a base in Warrington, has sold its Industrial Multi Property Trust portfolio for £116m to an entity owned by Chester-headquartered Warehouse REIT.
LSE-listed Hansteen acquired the portfolio through its successful offer for IMPT almost a year ago.
The portfolio consists of 51 UK multi-let properties offering about 500 leasable units with a total floor area of about 1.65 million sq ft and a passing rent roll of £8m a year at June 30, 2017.
The contracted rent roll is currently about £8.5m a year. About 93% of the space is used for light industrial work and 7% is workspace and offices.