28th Mar 2014 11:51
LONDON (Alliance News) - Hansteen Holdings PLC Friday said it has acquired a further GBP26 million units in the Ashtenne Industrial Fund, taking its stake to 36.7%.
The units were bought at 46.54 pence each, a 2% premium to AIF's 2013-end property valuation.
The UK and continental European industrial property investor also said it has placed 44.8 million shares, about 7% of its pre-existing issued share capital, at 105 pence each, raising GBP47.1 million at a 2.78% discount to Thursday's closing share price. Hansteen shares were Friday quoted at 107.50 pence, down 0.5%.
Hansteen said it raised the funds in order to acquire the AIF units and to use the net proceeds to pursue potential near-term acquisitions in the UK and Continental Europe.
Hansteen said it is confident in its ability to source acquisitions in its selected geographies.
In September 2013, Hansteen invested GBP53 million of AIF units representing a 27.5% stake. It assumed the management contract of the fund from Warner Estates.
AIF was originally formed in July 2001 when Ian Watson and Morgan Jones, founders of Hansteen, were joint chief executives of Ashtenne Holdings PLC. AIF owns over 14.6 million square feet of multi-let industrial properties in the UK.
Hansteen said it has acquired a total of GBP130.3 million assets in the last six months.
Joint Chief Executive Morgan Jones said he believes the investment will prove enhancing to both value and income.
"We are pleased by the support from our shareholders and particularly delighted to welcome new shareholders to the register in what is a well-supported fundraising".
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
HSTN.L