15 Feb 2016 07:00
15 February 2016
Hansteen Holdings PLC
("Hansteen")
Hansteen acquires £2.5 million of AIF units
Hansteen (LSE: HSTN), the UK and Continental European property investment company, announces that it has acquired a further 5.5 million units in the Ashtenne Industrial Fund ("AIF") from clients of CBRE Investors for £2.5 million cash, reflecting a price per unit of 46.06 pence. This acquisition represents 0.9% of the units in issue and increases Hansteen's holding in AIF to 82.8%.
AIF owns some 12.0 million sq ft of multi-let industrial properties in the UK. At 30 June 2015, the portfolio consisted of 2,935 units at 237 individual estates, with an annual rent roll of £36.2 million and vacancy of 13.5%. The gross asset value of the properties was £439.3 million.
Derek Heathwood, Director (UK) of Hansteen, commented: "This additional unit purchase in AIF was a good opportunity to further increase our holding in the Fund and take our ownership to 82.8%. The price paid per unit approximates to current Net Asset Value less an accrual for Hansteen's performance fee."
For further information:
Morgan Jones/ Ian WatsonHansteen Holdings PLCTel: 020 7408 7000 | Jeremy CareyTavistockTel: 020 7920 3150 |
Notes to Editors:
HANSTEEN HOLDINGS PLC
Hansteen Holdings PLC (LSE:HSTN) is a European industrial REIT that invests in properties with high yields, low capital costs and opportunity for value improvement across the Netherlands, Germany, Belgium, France and the UK.
Founded by Morgan Jones and Ian Watson, the Company listed on Aim in November 2005 raising £125 million. In 2009, it raised a further £200.8 million by way of a Placing and Open Offer and moved to the Official List, converting to a REIT shortly thereafter. In April 2011, the Company raised a further £150 million by way of a Placing and Open Offer.
At 30 June 2015, Hansteen had total property under management of some 507 assets with a value of £1.5 billion.