LONDON (ShareCast) - Aim-listed Hansteen has joined the growing list of property firms raising cash to take advantage of distressed UK commercial property sellers.
The group is to raise £195m through a placing at 75p each, an 8.5%
discount to the closing price of 82p yesterday.
KBC Peel Hunt has placed 89.3m shares, while a futher 178.4m shares would be made available in an open offer on a one-for-one basis.
Hansteen, which had previously focused on Germany, the Netherlands, Belgium and France, said now was an "outstanding opportunity" to re-enter the UK industrial property market
"The UK property market is in a state of considerable distress whereby we can acquire industrial property at double digit yields," said Joint Chief Executive Morgan Jones.
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