Hansteen Holdings announced this week that it has raised GBP 90 million for Hansteen UK Industrial Property Unit Trust. The fund is targeting both high income generation as well as growth in net assets and seeks a net return of 12% to 15%. The fund invests in UK industrial property valued at GBP 15 million or less or industrial portfolios valued under GBP 30 million.
It is the second fund focusing solely on the UK to close this year. Mountgrange Investment Management closed its Mountgrange Real Estate Opportunity Fund in April with equity commitments of GBP 300 million. It focuses on property assets requiring active management as well as strategic land and development opportunities. There are also a further 22 UK-specific real estate funds in market, which are targeting aggregate commitments of $9.6 billion. Many pan-European funds will make significant investments in UK property. Amongst them is Blackstone Real Estate Partners Europe III which became the largest ever solely Europe focused private equity real estate fund when it closed on EUR 3.1 billion in June 2009.
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