Hansteen plans conversion to REIT status

AIM-listed European industrial property firm Hansteen has confirmed plans to move to London Stock Exchange's official list next year and convert into a tax-transparent real estate investment trust (REIT).

Hansteen said the move would occur on 6 October 2009 subject to receiving the necessary regulatory approvals.

Hansteen said it had planned to seek an official listing for some time. 'Hansteen has grown significantly since admission to AIM in November 2005 and the board believes that the official list will be a more appropriate platform for the continued growth of the group by increasing its profile, assisting in the liquidity of the company's shares and providing a greater range of potential investors in the company,' Hansteen said in a statement on Monday,

Hansteen said it also proposes to convert into a REIT once it meets the relevant qualification criteria.

Commenting on the move to the official list and the proposed conversion to a REIT, Ian Watson and Morgan Jones, Joint CEOs of Hansteen said: 'The step up from AIM to the official list will give Hansteen better access to equity capital from a broader base of potential investors while offering shareholders greater liquidity in the shares. We believe conversion to REIT status will also be of significant benefit to shareholders creating a more tax efficient and transparent structure.'