Warner sells 18.5% stake to Hansteen

Michael Hunt

Warner Estate Holdings, a major owner of shopping centres, industrial estates and offices across the North West, has sold an 18.5% stake of the business to 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 20 August.

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.

The company owns Bolton Market Place and Middleton Shopping Centres.

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