23rd Feb 2015 07:40
LONDON (Alliance News) - Hansteen Holdings PLC Monday said it has acquired a further 24.2 million units in the Ashtenne Industrial Fund for GBP11 million, increasing its holding in the fund to 40.8%.
In a statement, the UK and Continental European property investment company said that the overall acquisition price reflects a price per unit of 0.4537 pence.
The Ashtenne Industrial Fund owns some 13.6 million square feet of multi-let industrial properties in the UK, according to Hansteen, with a property portfolio consisting of 3,285 units on 269 individual estates, with an annual rent roll of GBP39.2 million and vacancy of 18.1%, at end-June 2014. The gross asset value of the properties at that time was GBP447.7 million.
Hansteen acquired 27.5% of the AIF units for GBP53 million back in September 2013, then in March 2014 acquired a further GBP26 million of units, increasing its holding by a further 7%.
"We have taken this opportunity to add to our interest in the Ashtenne Industrial Fund, as we believe there is scope for growth in both value and income," said Joint Chief Executive Morgan Jones in Monday's statement.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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