U.K. property investor Hansteen Holdings PLC (HSTN.LN) Wednesday said it has approached the board of Kenmore European Industrial Fund Ltd. (KEIF.LN) with a potential offer for the remaining shares in the company.

Hansteen, which focuses on industrial property, currently has a stake of around 12% in KEIF and said this potential acquisition is an "excellent opportunity" to buy high yielding assets that would extend its existing European portfolio.

Hansteen said the potential offer is made up of 20 pence in cash and 0.2469 new Hansteen shares for each KEIF share, which equates to around 40.6 pence a KEIF share.

This values the issued share capital of KEIF at around GBP56.8 million, based on the Hansteen share price of 83.25 pence at the close of business Tuesday.

The company said discussions with the board of KEIF are at a very preliminary stage and any offer would be subject to pre-conditions including due diligence on key commercial and financial matters.

Also Wednesday, Hansteen said it is applying to trade on the London Stock Exchange Group PLC's (LSE.LN) main market and expects to join Nov. 30.

Company Web site: www.hansteen.co.uk

-By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com
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