Cases & Deals

Hansteen sells HPUT for £146.1 million (US$231.9 million)

Client(s) Hansteen Holdings PLC

Jones Day advised Hansteen Holdings PLC in the sale of the Hansteen UK Industrial Property Unit Trust ("HPUT"), a UK multi-let industrial property portfolio, in two transactions for a total of £146.1 million (US$231.9 million) after the deduction of rental top-ups. The 41 assets in HPUT were acquired by a fund advised by Brockton Capital LLP ("Brockton Capital") in a partnership with Dunedin Property for £110.5 million. A separate 50/50 joint venture between Brockton Capital and Hansteen acquired Saltley Business Park in Birmingham for a net price of £35.6 million. Hansteen will continue to manage Saltley Business Park.

In addition to M&A and real estate representation, Jones Day provided banking and tax advice regarding this transaction.