TIDMHSTN TIDMWHR
RNS Number : 8503D
Hansteen Holdings plc
05 February 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
5 February 2018
Hansteen Holdings PLC
("Hansteen" or the "Company")
Hansteen sells Industrial Multi Property Trust portfolio for
GBP116 million
Hansteen (LSE: HSTN), the investor in UK industrial property,
announces that it has agreed to dispose of the Industrial Multi
Property Trust portfolio (the "Portfolio") for GBP116 million to an
entity owned by Warehouse REIT plc (LSE: WHR) (the "Buyer"). The
Buyer will acquire the IMPT Portfolio through the sale and purchase
of certain subsidiaries of Industrial Multi Property Trust Limited
(the "Transaction").
Hansteen acquired the Portfolio through its successful offer for
IMPT plc which was declared wholly unconditional on 25 April 2017.
The Portfolio consists of 51 UK multi-let properties offering c.500
leasable units with a total floor area of approximately 1.65
million sq ft and a passing rent roll of GBP8.0 million per annum
at 30 June 2017. The contracted rent roll is currently circa GBP8.5
million per annum. Approximately 93% by floor area is invested in
light industrial property and 7% in workspace and offices.
The Portfolio is being sold on a debt free basis for cash, and
the value attributed to the portfolio is GBP116 million payable
upon completion of the Transaction, which is expected to occur at
the end of March 2018. There are no conditions to completion.
Commenting on the Transaction, Ian Watson and Morgan Jones,
Joint Chief Executives of Hansteen, said: "In line with our
intentions set out in the original IMPT offer document dated 22
February 2017, we absorbed the Portfolio into our UK property asset
management platform and were in the process of successfully
increasing the occupancy and income across the portfolio. However,
during the successful implementation of this strategy, we received
an unsolicited approach from Warehouse REIT to acquire the
Portfolio at a level which provides a return in excess of our
initial expectations and which we were willing to accept. In the
short term we plan to use part of the proceeds to reduce the
balance on our revolving debt facility. Going forward the Board
will consider new acquisition opportunities or distributions to
Shareholders."
Enquiries:
Hansteen Holdings PLC Tel: +44 (0)
Ian Watson 20 7408 7000
Morgan Jones
Peel Hunt (Sole Broker) Tel: +44 (0)
Capel Irwin 20 7418 8900
Edward Fox
Tavistock Tel: +44 (0)
Jeremy Carey 20 7920 3150
Kirsty Allan 07836 734 625
07824 393 242
Important notices
This announcement contains inside information.
This announcement does not constitute or form part of, and
should not be construed as, an offer, solicitation or invitation to
subscribe, for, underwrite or otherwise acquire, any securities of
the Company or any member of its group in any jurisdiction or an
inducement to enter into investment activity.
The release, publication or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by
law and therefore any persons who are subject to the laws of any
jurisdiction other than the United Kingdom should inform themselves
about, and observe, any applicable requirements. This announcement
has been prepared for the purposes of complying with the Listing
Rules and the information disclosed may not be the same as that
which would have been disclosed if this announcement had been
prepared in accordance with the laws and regulations of any
jurisdiction outside of England and Wales.
Forward-looking statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"anticipates", "targets", "aims", "continues", "projects",
"assumes", "expects", "intends", "may", "will", "would" or
"should", or in each case, their negative or other variations or
comparable terminology. These forward-looking statements include
all matters that are not historical facts.
They appear in a number of places throughout this announcement
and include statements regarding the directors', the Company's and
the Group's intentions, beliefs or current expectations concerning,
among other things, the Group's result of operations, financial
condition, prospects, growth strategies and the industries in which
the Group operates. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances. A number of factors could cause actual results
and developments to differ materially from those expressed or
implied by the forward-looking statements, including without
limitation: conditions in the markets, market position of the
Group, earnings, financial position, cash flows, return on capital,
anticipated investments and capital expenditures, changing business
or other market conditions and general economic conditions. These
and other factors could adversely affect the outcome and financial
effects of the plans and events described in this announcement.
Forward-looking statements contained in this announcement based
on past trends or activities should not be taken as a
representation that such trends or activities will continue in the
future. However, these forward-looking statements and other
statements contained in this announcement regarding matters that
are not historical facts involve predictions. No assurance can be
given that such future results will be achieved.
Neither the Company nor any member of the Group undertakes any
obligation to update publicly or revise any of the forward-looking
statements, whether as a result of new information, future events
or otherwise, save in respect of any requirement under applicable
laws and regulations, the Listing Rules, the Prospectus Rules, the
Disclosure and Transparency Rules, the EU Market Abuse Regulation
and the City Code on Takeovers and Mergers.
Rounding
Certain figures in this announcement have been subject to
rounding adjustments. Accordingly, any apparent discrepancies in
tables between the totals and the sums of the relevant amounts are
due to rounding.
Other
No statement in this announcement is intended as a profit
forecast or profit estimate.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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