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Hansteen Holdings closes sale of 26 properties for £86.5M

Hansteen Holdings PLC closed its divestment of 22 properties for a price of £67.9 million to a unit of Stenprop Ltd.

The multi-let assets span 1.16 million square feet of area, which includes 5.8% of unoccupied space. The portfolio yields a yearly contracted rent of about £4.9 million.

Separately, the U.K.-based industrial property specialist wrapped up its disposal of four properties for a total of £18.6 million through four respective deals with unnamed buyers. The assets provide a combined floor area of 205,000 square feet that includes 10.4 acres of land. The four properties net a contracted rent of £900,000 annually.

Hansteen intends to channel proceeds from the property sales toward lowering the balance of its revolving debt facility.