UK-listed industrial property company Hansteen has agreed to be acquired by private equity giant Blackstone for 拢500m (鈧�588m).
If the deal is approved by shareholders, Blackstone will add Hansteen鈥檚 拢451m platform to its recently launched European last-mile logistics company, Mileway.
Blackstone has offered 拢116.5 per share, representing a 10% premium to Hansteen鈥檚 closing price on Tuesday and valuing the company at $500m.
James Seppala, head of Blackstone Real Estate Europe, said: 鈥淭his transaction is a compelling opportunity to expand our pan-European last-mile logistics real estate company Mileway in the UK, and it is testament to our long-term belief in investing in the country.鈥�
The deal, which will be voted on by shareholders in early February, comes more than two years after Blackstone and M7 Real Estate acquired 鈧�1.28bn of industrial assets in Germany and the Netherlands from Hansteen.
In a joint statement, joint CEOs of Hansteen, Ian Watson and Morgan Jones, said: 鈥淥ver the last few years we have been crystallising much of the value created, returning substantial capital and making high returns for shareholders.
鈥淭he offer from Blackstone is a continuation and conclusion of that strategy and we believe provides a highly satisfactory outcome for our shareholders and employees. We have given irrevocable undertakings to vote in favour of Blackstone鈥檚 offer in relation to our own shareholdings.鈥�
Hansteen was founded and launched on AIM submarket of the London Stock Exchange in 2005 by Jones and Watson.
The UK real estate investment trust seeks to make high-yielding and managament-intensive investments in urban multi-let industrial property.
