Companies: HSTN ��

Property investment group Hansteen Holdings has raised �70 million at 131p to expand its European portfolio.

Hansteen, run by property duo Morgan Jones and Ian Watson, floated on AIM in November 2005 after a �124 million placing at �1 and has so far bought �150 million of continental properties on an average yield of eight per cent. Now the company has raised �68.5 million after expenses to acquire larger portfolios commanding ‘premium valuations’, as well as ‘prime logistic investments, vacant and distressed properties’, ‘larger-scale sale and leasebacks and opportunistic purchases’, offering lower yields but greater potential for capital growth.

KBC Peel Hunt, Hansteen’s nominated adviser and broker, handled and underwrote the placing, which has been timed to take advantage of what Jones, Watson and chairman James Hambro see as ‘increasing investor interest in continental European property, which is driving values upwards’. Recommended by Growth Company Investor at 117p last July, the company’s shares now stand at 136.5p, valuing Hansteen at �170 million.

Hold on.

Hansteen Holdings	LSE	�173.75m	139.00p	1.00p
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