Hansteen to raise 195m to invest in bargain British commercial properties
EUROPEAN property investment firm Hansteen yesterday tapped the market for £194.6m to fund a re-entry into the UK market and take advantage of bargain commercial property investments in the recession.
Hansteen’s placing of 267.8m shares at 75p a share, fully underwritten by broker KBC Peel Hunt, is the largest secondary fundraising on the Aim market since August 2007.
After its completion, Hansteen will rank as the 13th largest listed property company in the sector.
“These additional funds give us the firepower to take advantage of the exceptional buying opportunities available,” said co-founder Ian Watson, who set up the firm with Morgan Jones in 2005 after the pair sold their previous venture, Ashtenne, to Warner Estates.
Hansteen has conditionally placed around 89.3m shares with institutional investors, while a further 178.4m have been made available in an open offer, with shareholders able to buy one new share per existing share held.
As of the end of May, Hansteen had a Europe-focused property portfolio valued at €495m (£424.2m).