Hansteen, an investor in UK and Continental European real estate, has exchanged contracts to acquire a multi-sector portfolio of 12 freehold and leasehold assets in Scotland for a total cost of GBP13.5m. 

The portfolio comprises ten freehold and two leasehold properties.

Ten of the properties are located on the east coast of Scotland between Perth and Edinburgh.

Fifty four per cent of the value is in five commercial properties with the remainder comprising five consented residential development sites totalling 20 acres and 17 new build flats in two properties.

The net annual rent receivable from the commercial properties is GBP839,533 equating to an initial yield of 11.46 per cent.

The current vacancy of commercial property is 28 per cent.
 
Additionally, Hansteen expects to enter into an asset management agreement whereby the company will manage three industrial properties in Merseyside and South Humberside in return for a management fee and an incentive payment upon a successful sale.
 
The acquisition of the portfolio is to be funded from Hansteen’s existing cash resources.
 
The acquisition of the majority of the portfolio completed on the 20 August 2010 and the acquisition of the leasehold properties will complete five business days after obtaining the relevant landlord’s consent.

Morgan Jones, joint chief executive of Hansteen, says: “As with the previous Kilmartin portfolio, this portfolio contains a lot of small but interesting properties which we believe can produce good returns with focused and vigorous management.”