Hansteen is raising £40m at 110p per share to help fund the acquisition of a further £103.7m of units (35.7% of the fund) in the Ashtenne Industrial Fund. They say the deal represents an acquisition of £156.8m of UK industrial property valued at a yield of 8.3 per cent. The price is an effective c.5% discount to the Fund’s NAV at 30 June 2015. The deal will take Hansteen’s unit-holding to 76.5 per cent. of the Fund and makes its UK interests 36% of its portfolio.
Separately Hansteen announced a small uplift in its EPRA NAV from 102p to 103p for the first half of 2015. The interim dividend has been upped fro 2p to 2.1p.
HSTN : Hansteen raising cash to fund acquisition