Hansteen Holdings has bought a loan secured against a portfolio of 370,000 sqm of mainly multi-let light industrial property in the Netherlands for €41.675m. The underlying borrower, Lancelot Land BV, is in breach of the loan and hence Hansteen was able to buy it at a 51% discount to par. About 20% of the portfolio is vacant but were the portfolio fully let it would generate an annual income of €15m. This loan represents 50% of the borrowing secured on the property. Hansteen intends to work with ING (the lending bank for the other 50% of the debt) to “maximise returns for all parties”.