Hansteen has acquired £103.7m of units in the Ashtenne Industrial Fund that it manages.
It also has a “pipeline in advanced negotiations” and as a result is raising a further £40m through the issue of new shares, representing around 5% of issued capital.
The acquisition represents 35.7% of the units in the fund and Hansteen now owns a total of 76.5%. The purchase gives Hansteen control of effectively another £156.8m of property.
Ian Watson, joint chief executive, said: “The acquisition of these AIF units is an exceptional opportunity both in terms of scale and price in a very competitive UK market and also crystallises a circa £6m uplift.
“This acquisition and placing, for which we have received strong indications of support, will be earnings and NAV accretive in the current financial year and beyond.”
