Industrial landlord Hansteen (HSTN) has formed a second joint venture with Aviva to invest in smaller UK industrial estates. Called Hansteen UK Industrial Property Unit Trust (HPUT) II, the vehicle has been launched with £107m of equity and a capacity of roughly £200m once debt is drawn down. Hansteen has provided a third of the equity and will earn management and performance fees on the portfolio.
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The original HPUT was launched on a similar basis in July 2009, with a target capacity of £180m. It is now almost fully invested, with £163m of properties under management at the end of 2012. Like its predecessor, HPUT II will target properties worth less than £15m or portfolios of under £30m. Hansteen already has assets worth £49m lined up.
