Hansteen buys 66.7% of Ashtenne Industrial Fund

18th Jul 2016 07:30

(ShareCast News) - Property investment company Hansteen Holdings has bought 66.7% of the share capital of Ashtenne Industrial Fund (General Partner) from Norwich Union for £120,000 in cash.Hansteen now owns 100% of the General Partner and has upped its interest in Ashtenne Industrial Fund Limited Partnership (AIF) by 0.02% to 85.60%. Hansteen has the power to manage and direct AIF's activities and therefore control AIF in accordance with the terms of the limited partnership deed of the partnership.At 31 December 2015, General Partner had net assets of £170,000 and profits of £5,000.Hansteen's interest in AIF was previously accounted for as an investment in an associate. As a result of this transaction, AIF will now be consolidated into Hansteen's accounts.As a consequence of the consolidation, there will be no change to shareholders' economic interest and Hansteen's earnings, distributions, net asset value, assets under management and attributable property interests will be unchanged.