Shareholders told of full terms for £25m property deal
Property REIT Hansteen Holdings is notifying its shareholders of the full terms associated with the £25m acquisition of rival, Industrial Multi Property Trust.
Both parties own a string of industrial properties across the Midlands.
Hansteen announced on Friday that it had reached an agreement with the directors of Isle of Man-based IMPT to acquire the entire issued share capital of the company in a deal which values the business at £25,228,560.
However, the deal has already been criticised by IMPT’s largest shareholder, Alpha Real Trust, which claims the offer price seriously devalues the company.
Alpha holds 18.7% of the issued share capital of IMPT. It also holds £10.3m of unsecured subordinated debt.
In an update on the deal today, Hansteen said the offer document containing the full terms and conditions of the offer and the procedures for its acceptance was being posted to IMPT shareholders, together with the forms of acceptance.
The first closing date for the offer has been set for March 15.
IMPT has a portfolio of around 100 properties across the UK. In the Midlands, its sites include Peartree Lane Industrial Estate in Dudley, St James Mill Business Park in Northampton, Webb Ellis Industrial Park, Rugby and Falcon Business Park in Burton-upon-Trent.
