HANSTEEN ACQUIRES 66.7% SHARE CAPITAL OF ASHTENNE INDUSTRIAL FUND (GENERAL PARTNER) LIMITED
18 Jul 2016
Hansteen acquires 66.7% share capital of Ashtenne Industrial Fund (General Partner) Limited
Hansteen (LSE: HSTN), the UK and Continental European property investment company, announces that it has acquired 66.7% of the share capital of Ashtenne Industrial Fund (General Partner) Limited (the “General Partner”) from Norwich Union (Shareholder GP) Limited for £0.12 million in cash. The net assets of the General Partner at 31 December 2015 were £0.17 million and the profits for the year ended 31 December 2015 were £0.005 million. The General Partner has an investment of 0.03% in Ashtenne Industrial Fund Limited Partnership (“AIF”).
Hansteen now owns 100% of the share capital of the General Partner and has increased its interest in AIF by 0.02% to 85.60%. These interests give Hansteen the power to manage and direct AIF’s activities and therefore control AIF in accordance with the terms of the limited partnership deed of the Partnership.
Hansteen’s interest in AIF was previously accounted for as an investment in an associate. As a result of this transaction, AIF will now be consolidated into Hansteen’s accounts. 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. The gross assets of AIF as at 31 December 2015 were £465.3 million, liabilities were £157.9 million and the profit for the year ended 31st December 2015 was £63.1 million. The passing rent of the portfolio at 31 December 2015 was £34.7 million.
For further information:
Morgan Jones / Ian Watson Jeremy Carey
Hansteen Holdings PLC Tavistock
Tel: 020 7408 7000 Tel: 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 31 December 2015, Hansteen had total property under management of some 494 assets with a value of £1.5 billion.