Hansteen has announced that it has acquired a further 31.6m units in the Ashtenne Industrial Fund for £15.4m in cash, reflecting a price of 0.4869 pence per unit. The price represents an effective 5% discount to Hansteen’s carrying value for the Fund as at 30 June 2015. This acquisition represents 5.3% of the units of Ashtenne Industrial Fund and increases Hansteen’s holding to 81.8%. Hansteen say that they saw the purchase as an opportunity to consolidate their holding in the Fund and that they believe there is scope for further growth in both value and income.
The Ashtenne Industrial Fund owns some 12.0m square feet 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 £36.2m and vacancy of 13.5%. The gross asset value of the properties was £439.m.
Hansteen has also announced that The Ashtenne Industrial Fund has sold 10 properties in individual transactions for a combined £20m. Hansteen says that the sale price represent a profit of £3.0m over 31 December 2014 book value and £0.4 million over the latest valuation. The properties sold total more than 430,000 square feet and produce a total annual passing rent roll of £1.0m.
Hansteen acquires a further 5.3% of The Ashtenne Industrial Fund for £15.4m : HSTN