UK REIT Hansteen Holdings has announced that its offer for Industrial Multi Property Trust (IMPT) has been declared unconditional, after reducing the acceptance condition to 51%.
The deal follows news earlier this week that the FTSE 250-listed industrial specialist is selling its entire German and Dutch portfolios to a joint venture of Blackstone funds and M7 Real Estate for €1.3 bn.
Hansteen first made an offer for the closed-ended investment company IMPT, which focuses on British light industrial and office property, of £3 per share on February 22. The offer valued the group at £25.2 mln, 22% higher than the company's closing price the day before.
By the extended deadline of March 15, Hanseteen said it had acceptances from around 44% of IMPT.
In a statement, Hansteen announced that it had now received valid acceptances amounting to 51.56% of the trust, and, having reduced its acceptance condition to 51%, had passed to an unconditional offer. The REIT added: 'IMPT Shareholders who have not yet accepted the offer are urged to do so without delay'.
