Hansteen has bought an 18.5% stake in Warner Estates, the beleaguered property investment group.

Hansteen, which raised £200m through a placing and open offer earlier this year to take advantage of low prices and distressed property owners, has acquired the stake from Trefick, veteran investor Jack Petchey’s vehicle.

The acquisition means that Hansteen will own a significant stake in a company that manages the Ashtenne Industrial Fund, which was set up by Morgan Jones and Ian Watson, now Hansteen’s joint chief executives. Hansteen is an anagram of Ashtenne, which was sold to Warner in 2005.

Financial Times