U.K. industrial property company Hansteen Holdings PLC agreed to be acquired by a newly formed company indirectly owned by investment funds advised by The Blackstone Group Inc. affiliates for 116.5 pence per share.

The cash deal values the entire issued and to be issued ordinary share capital of Hansteen at about £500 million on a fully diluted basis, representing a 10.3% premium to the closing price of Hansteen shares on Dec. 17.

The directors of Hansteen intend to recommend unanimously that shareholders vote in favor of the offer at the court meeting and the related resolutions at their general meeting.

More details to follow...