Hansteen has announced that it has acquired 66.7% of the share capital of Ashtenne Industrial Fund (General Partner) Limited from Norwich Union (Shareholder GP) Limited for £0.12 million in cash. Hansteen say that the net assets of the General Partner, at 31 December 2015, were £0.17 m and the profits for the year ended 31 December 2015 were £0.005m. The General Partner has an investment of 0.03% in Ashtenne Industrial Fund Limited Partnership. Hansteen says that it now owns 100% of the share capital of the General Partner and has increased its interest in the Ashtenne Industrial Fund by 0.02% to 85.60%. Hansteen says that these interests give it the power to manage and direct the Ashtenne Industrial Fund’s activities and therefore control Ashtenne Industrial Fund in accordance with the terms of the limited partnership deed of the Partnership.
Hansteen’s says that its interest in the Ashtenne Industrial Fund was previously accounted for as an investment in an associate. However, as a result of this transaction, the Ashtenne Industrial Fund will now be consolidated into Hansteen’s accounts. Hansteen says that, as a consequence of the consolidation, there will be no change to shareholders’ economic interest and Hansteen’s earnings, distributions, net asset value, assets under management and attributable property interests will be unchanged. Hansteen says that the gross assets of the Ashtenne Industrial Fund, as at 31 December 2015, were £465.3m, liabilities were £157.9m and the profit for the year ended 31st December 2015 was £63.1m. They also say that teh passing rent of the portfolio at 31 December 2015 was £34.7m.
Hansteen gains power to manage and control the Ashtenne Industrial Fund’s activities : HSTN