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Hansteen to acquire IMPT
Posted on Friday, 17 February 2017 14:42
Hansteen Holdings has agreed to purchase UK closed-end investment fund Industrial Multi Property Trust (IMPT) for GBP 25.23 million in a public takeover.
The company has tabled a bid of GBP 3.00 apiece, representing a premium of 29.3 per cent over the target’s close of GBP 2.32 on 16th February, the last trading day prior to the announcement.
Peel Hunt and Tavistock Communications are both advising the buyer on the deal, while Stockdale Securities is assisting the target.
Joint chief executives of the purchaser, Ian Watson and Morgan Jones, stated: "The IMPT portfolio, being very similar in nature to Hansteen's own UK portfolio, can be easily absorbed on to our asset management platform with limited additional cost.
“With experienced management teams in seven offices around the UK, which build close relationships with tenants and local stakeholders, we are well positioned be able to achieve sustainable growth in the portfolio's rental income and occupancy through our intense asset management initiatives.
Douglas-headquartered IMPT was formed primarily for investment in UK commercial property.
The company, which was formerly known as Alpha UK Multi Property Trust, is listed on London’s Stock Exchange.
In the six months ended 30th June 2016, IMPT posted net income of GBP 3.80 million, a slight decrease on GBP 3.92 million in the corresponding timeframe of 2015.
Net profit for the first half of 2016 totalled GBP 2.59 million (H1 2015: GBP 1.66 million).
London-listed Hansteen is a real estate investment trust with more than GBP 1.60 billion worth of operations under management across the UK, Germany, Benelux and France.
Last year, the firm signed on the dotted line to pick up the remaining 14.4 per cent stake in UK real estate group Ashtenne Industrial Fund Unit Trust from British Airways Pension Trustees for GBP 39.50 million.
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