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Hansteen opens UK industrial property fund

PROPERTY investment firm Hansteen, which last month tapped investors for &pound;200m, has launched a new &pound;180m fund to invest in &ldquo;unprecedented opportunities&rdquo; in the UK industrial property market.<br /><br />After floating on the Aim market in 2005, Hansteen focused on continental European real estate, but joint chief executives Morgan Jones and Ian Watson believe the time is now right to exploit the distressed UK property market.<br /><br />&ldquo;'This fund, coupled with &pound;200m raised recently, gives us over &pound;500m of buying power in a market which is presenting some unprecedented opportunities,&rdquo; said Jones.<br /><br />The Hansteen UK Industrial Property Unit Trust fund will focus on UK industrial property with a value of &pound;15m or less, or portfolios worth under &pound;30m. <br /><br />It will be managed by Mark Ovens and James Havey, who recently joined the company from Warner Holdings.