Jones Day Steers Hansteen REIT's $231M UK Property Buy

Law360, New York (December 22, 2011, 1:37 PM EST) -- British real estate investment trust Hansteen Holdings PLC will pay £147.1 million ($231 million) for 88 industrial properties across the U.K. with high vacancy rates, the company announced Thursday.

Hansteen acquired the entire real estate portfolio of the Spencer Group of Companies, consisting of 4.1 million square feet of mostly industrial space.

Hansteen acquired 59 percent of the portfolio itself and the rest through a U.K. real estate subsidiary fund, which is now fully invested at $260 million, the company said.

“The portfolio is highly compatible...
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