18th Jul 2016 06:41
LONDON (Alliance News) - Hansteen Holdings PLC on Monday said it has taken control of Ashtenne Industrial Fund Ltd Partnership after increasing its stake in the business.
The property investment company said it has purchased a 66.7% stake in Ashtenne Industrial Fund from Norwich Union (Shareholder GP) Ltd for a total of GBP120,000 in cash.
Ashtenne Industrial Fund made a tiny profit in 2015 and had net assets of GBP170,000 at the end of 2015. Ashtenne Industrial Fund owns a 0.03% stake in Ashtenne Industrial Fund Ltd Partnership.
Now that Hansteen owns 100% of Ashtenne Industrial Fund, its investment in Ashtenne Industrial Fund Ltd Partnership has risen to 85.6%.
"These interests give Hansteen the power to manage and direct Ashtenne Industrial Fund Ltd Partnership's activities and therefore control Ashtenne Industrial Fund Ltd Partnership in accordance with the terms of the limited partnership deed of the partnership," said Hansteen.
Ashtenne Industrial Fund Ltd Partnership will now be consolidated into Hansteen's accounts, the company added.
"As a consequence of the consolidation, there will be no change to shareholders' economic interest and Hansteen's earnings, distributions, net asset value, assets under management and attributable property interests will be unchanged," said Hansteen.
Ashtenne Industrial Fund Ltd Partnership had gross assets of GBP465.3 million at the end of 2015 and liabilities of GBP157.9 million. During 2015, Ashtenne Industrial Fund Ltd Partnership booked a profit of GBP63.1 million.
By Joshua Warner; [email protected]; @JoshAlliance
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