PROPERTY investor Hansteen has raised £150m through a share issue, as it looks to cash in on cut price properties arising from the financial downturn.
The real estate firm, which specialises in industrial estates and business parks, said yesterday it had successfully issued 185m new shares through a £50m placing with existing shareholders and an £100m open offer.
It priced the sale at 81p per share, representing a 4.9 per cent discount to the closing mid market price of 85.2p per share the company had been trading at on Tuesday this week.
Hansteen said it would use the cash to expand its purchasing programme in the UK and across Europe.
The firm acquired approximately £460m of property in ten transactions, purchased from a bank seeking to resolve an impaired loan.
It said the problems being faced by banks with real estate loans would continue into next year, posing “attractive investment opportunities”.
Joint chief executive Ian Watson said: “Access to capital and management expertise will be key to exploiting opportunities.”
ADVISER TO HANSTEEN
SIMON Hayes led the Peel Hunt team on the Hansteen share offer. As chief executive and head of broking at the boutique firm, he advises a wide range of companies.
Peel Hunt has announced a hat trick of transactions this week, as the brokerage continues to go from strength-to-strength since its management completed a buy out from KBC last year.
The recent deals include a £12m placement for online dating business Cupid and a £16m placing for Primary Health Properties.
The Hansteen deal is one of the biggest placings in the property sector over the last few years, since Capital Shopping Centres raised £200m in 2009.
Before becoming chief executive in 2006, Hayes was head of corporate finance. He joined the firm in 1993.
He read classics at Durham and has an MBA from the Cranfield School of Management.
He led the team from Peel Hunt, which acted as sole sponsor, broker and underwriter. It included Capel Irwin, Simon Brown and Kate Barlow.