Property investment firm Hansteen has bought 12 former Kilmartin properties for £13.5 million.
A
property investment firm has acquired a £13.5 million portfolio from a failed company.
This is the second portfolio that Hansteen has purchased from Kilmartin, following an £80.4 million deal for a total of 61 assets, which was completed in April.
The latest set of properties contains 12
commercial development assets, ten of which sit on the east coast of Scotland between Perth and Edinburgh.
Kilmartin fell into administration in January, owing LloydsTSB more than £200 million after being hit heavily by falling commercial property values in the downturn.
"As with the previous Kilmartin portfolio, this contains a lot of small but interesting properties which we believe can produce good returns with focused and vigorous management," said Morgan Jones, joint chief executive of Hansteen.
Consultancy BNP Paribas recently estimated that it will take around 15 years for the value of commercial property in the UK to return to pre-recession levels.
Posted by Allan Flowers.
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