AIM-listed Hansteen has taken a stake in Warner Estate Holdings and is to issue new equity to fund the purchase.
Hansteen, the light industrial investor, is issuing 3.29m new shares at 10p each to buy an 18.5% stake in Warner which it bought on Friday from Trefick subject to the admission of shares.
The new shares are expected to start trading on Thursday.
Hansteen has already carried out a £200m equity raising last month coupled with the launch of a £180m UK Industrial Property Unit Trust fund with £90m of equity - £30m of which came from Hansteen.
The company has more than £500m of buying power to take advantage of what Morgan Jones, joint chief executive at Hansteen, called ‘unprecedented buying opportunities’.
In contrast, Warner is struggling under £238m of net debt, after the property crash virtually wiped out its net asset value.
In the year to 31 March, Warner suffered a 99% plunge in its net asset value from 557p to 8p and is in discussions with its three lenders, the Royal Bank of Scotland, Bank of Scotland and Barclays.
Hansteen founders, joint chief executives Ian Watson and Morgan Jones sold the Ashtenne, which owned the Ashtenne Industrial Fund, to Warner in 2005 before setting up Hansteen – an anagram of Ashtenne.
Last November the company recruited Mark Ovens and James Havery from Warner where they ran the Ashtenne Industrial Fund.
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