22nd Dec 2015 07:52
LONDON (Alliance News) - Hansteen Holdings PLC on Tuesday said it has acquired a further 31.6 million units in the Ashtenne Industrial Fund from Britel Fund Trustees Ltd for GBP15.4 million in cash, equivalent to 0.4869 pence per unit.
The price represents an effective 5.0% discount to Hansteen's carrying value for the fund as recorded on June 30.
The acquisition represents 5.3% of the units and increases Hansteen's holding in AIF to 81.8%.
Meanwhile, the property investment company, said AIF has sold 10 properties in individual transactions for a total of GBP20.0 million, equal to a GBP3.0 million over book value recorded on December 31, 2014 and about GBP400,000 over the latest valuation.
The properties sold total more than 430,000 square feet and produce a total annual passing rent roll of GBP1.0 million.
"The acquisition of these units in AIF was an excellent opportunity to consolidate our holding in the Fund, as we believe there is scope for further growth in both value and income," Morgan Jones, joint chief executive of Hansteen, said.
By Samuel Agini; [email protected]; @samuelagini
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