Alpha Real Trust rejects second Hansteen offer for IMPT

Alpha Real Trust has again rejected Hansteen’s offer to buy Industrial Multi Property Trust after a £1.3m valuation uplift in IMPT’s portfolio yesterday. The portfolio, which Hansteen offered to buy for 300p per share on 17 February, grew to £86.2m after Cushman & Wakefield carried out a valuation as at 31 March. Hansteen made the offer a day after IMPT closed at 245p, but ART argued that a more accurate value is 371.7p per share. That estimate took into consideration IMPT’s adjusted NAV of 307.4p per share in December 2016 along with the valuation uplift, potential stamp duty land tax savings, available UK tax losses and capital allowances of £4.1m. Hansteen has bought or received valid acceptances for 52% of IMPT’s shares and has urged the remaining shareholders to sell their holdings. It made the offer unconditional after it crossed the 51% threshold. In response, ART called for an extraordinary general meeting to vote on whether Hansteen and IMPT need non-Hansteen shareholder approval before entering into any commercial agreements. IMPT responded, saying its independent directors are considering scheduling an EGM. Hansteen also said it would apply to de-list IMPT from the London Stock Exchange’s Specialist Fund Segment once the offer became unconditional, a move ART last week said would be “a gross dereliction of [IMPT’s] responsibilities to all its shareholders”. Meanwhile, IMPT agreed an unsecured loan facility of up to £11.5m from Hansteen on 30 March, which it said was “materially the same” as its existing loan from ART. That same day it sent ART a notice of intention to redeem the £10.3m of outstanding debt on that existing loan. To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @ktomusk or @estatesgazette