NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

20 February 2017

HANSTEEN HOLDINGS PLC

ACQUISITION OF

INDUSTRIAL MULTI PROPERTY TRUST PLC SHARES

On 17 February 2017, Hansteen Holdings PLC ('Hansteen') announced a firm intention to make an offer for the entire issued share capital of Industrial Multi Property Trust PLC ('IMPT') at 300 pence per share which was unanimously recommended by the IMPT Independent Directors (the 'Firm Offer Announcement'). Hansteen held no IMPT Shares before the release of the Firm Offer Announcement.

Following the release of the Firm Offer Announcement, Hansteen has, to date, acquired 1,245,832 IMPT Shares at 300 pence per share, representing approximately 14.81 per cent. of the entire issued share capital of IMPT on 17 February (being the latest practicable date prior to this announcement) (the 'Share Purchases'). Of these shares and as set out in the Form 8 Dealing Disclosure released by Hansteen this morning, 653,924 IMPT Shares were acquired on 17 February 2017. An additional 591,908 IMPT Shares have been acquired by Hansteen thus far today.

Hansteen confirms that it will release a further Form 8 Dealing Disclosure with respect to those Share Purchases made during the course of today setting out the details required to be disclosed under Rule 8.1(b) of the Code, by no later than 12:00pm (London time) on 21 February 2017.

As set out in the Firm Offer Announcement, Hansteen has received irrevocable undertakings to accept the Offer from those IMPT Independent Directors who hold IMPT Shares in respect of a total of 70,400 IMPT Shares. These irrevocable undertakings represent approximately 0.84 per cent. of the issued share capital of IMPT as at 17 February 2017 (being the latest practicable date prior this announcement).

In aggregate, Hansteen has therefore acquired 1,316,232 IMPT Shares, or received irrevocable undertakings to accept the Offer from IMPT Shareholders, in respect of approximately 15.65 per cent. of the share capital of IMPT in issue as at 17 February 2017 (being the latest practicable date prior this announcement).

The content of any website referred to in this announcement is not incorporated into and does not form part of this announcement.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Firm Offer Announcement.

ENQUIRIES:

Hansteen

Tel: 020 7408 7000

Ian Watson / Morgan Jones

Peel Hunt LLP

Financial Adviser and Broker to Hansteen

Tel: 020 7418 8900

James Britton / Capel Irwin

Tavistock

PR adviser to Hansteen

Tel: 020 7920 3150

Jeremy Carey / Kirsty Allan

Financial adviser to Hansteen

Peel Hunt LLP is authorised and regulated by the FCA. Peel Hunt LLP is acting exclusively as financial adviser to Hansteen and no one else in connection with the Offer and will not be responsible to anyone other than Hansteen for providing the protections afforded to clients of Peel Hunt LLP nor for providing advice in connection with the Offer or any matter referred to herein.

Further information

This announcement is for information purposes only and is not intended to, and does not constitute, or form any part of, any offer to sell or subscribe for or an invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, or the solicitation of an offer to buy securities, pursuant to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities by IMPT or Hansteen pursuant to the Offer in any jurisdiction in contravention of applicable laws. The Offer will be effected solely through the Offer Document (or, if the Offer is implemented by way of a Scheme, the Scheme Document), which will contain the full terms and conditions of the Offer, including details of how to accept the Offer. IMPT and Hansteen urge IMPT Shareholders to read the Offer Document which will be distributed to IMPT Shareholders and persons with information rights as it will contain important information relating to the Offer. Any vote, decision in respect of or other response to the Offer (or the Scheme, if applicable) should only be made on the basis of the information contained in the Offer Document (or if applicable, the Scheme Document). Each IMPT Shareholder is urged to consult its independent professional advisers immediately regarding the tax consequences of the Offer applicable to them.

This announcement does not constitute a prospectus or prospectus equivalent document

This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom.

Overseas shareholders

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and/or regulation. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of, and observe, any applicable legal or regulatory requirements. Any failure to comply with the applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person.

Unless otherwise determined by Hansteen or required by the City Code and permitted by applicable law and regulation, the Offer will not be made, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and the Offer will not be capable of acceptance from or within a Restricted Jurisdiction. Accordingly, copies of this announcement and all documentation relating to the Offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this announcement and all documents relating to the Offer (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions as doing so may invalidate any purported acceptance of the Offer.

The availability of the Offer to IMPT Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of, and observe, any applicable legal or regulatory requirements.

Further details in relation to overseas IMPT Shareholders will be contained in the Offer Document.

In accordance with normal practice in the United Kingdom, Hansteen or its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, IMPT Shares other than pursuant to the Offer or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service, and will be available on the London Stock Exchange website at www.londonstockexchange.com.

Forward looking statements

This announcement (including information incorporated by reference into this announcement), any oral statements made by Hansteen or IMPT in relation to the Offer and other information published by Hansteen or IMPT may contain statements about Hansteen and IMPT that are or may be forward looking statements. All statements other than statements of historical facts included in this announcement may be forward looking statements. Without limitation, any statements preceded or followed by or that include the words 'targets', 'plans', 'goals', 'believes', 'expects', 'aims', 'intends', 'will', 'may', 'anticipates', 'estimates', 'projects' or words or terms of similar substance or the negative thereof, are forward looking statements. Forward looking statements include statements relating to the following: (i) future capital expenditures, expenses, revenues, earnings, synergies, economic performance, indebtedness, financial condition, dividend policy, losses and future prospects; (ii) business and management strategies and the expansion and growth of Hansteen's or IMPT's operations and potential synergies resulting from the Offer; (iii) currency fluctuations; and (iv) the effects of government regulation on Hansteen's or IMPT's business.

Such forward looking statements involve risks and uncertainties that could significantly affect expected results and/or the operations of Hansteen and IMPT and are based on certain assumptionsand assessments made by Hansteen and IMPT in light of their experience and their perception of historical trends, current conditions, future developments and other factors they believe appropriate. Many factors could cause actual results to differ materially from those projected or implied in any forward looking statements. Although it is believed that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place reliance on these forward looking statements which speak only as at the date of this announcement. Neither IMPT nor Hansteen assumes any obligation to update or correct the information contained in this announcement (whether as a result of new information, future events or otherwise) except as required by applicable law.

There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Among the factors that could cause actual results to differ materially from those described in the forward looking statements are changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates and changes in tax rates.

No profit forecasts or estimates

No statement in this announcement is intended to constitute a profit forecast or profit estimate and no statement in this announcement should be interpreted to mean that the earnings or future earnings per share of Hansteen and/or IMPT for current or future financial years will necessarily match or exceed the historical or published earnings per share of Hansteen or IMPT.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Disclosure requirements of the City Code

Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of: (i) the offeree company; and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) of the Code applies must be made by no later than 3.30 pm (London time) on the 10th Business Day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th Business Day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of: (i) the offeree company; and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8 of the Code. A Dealing Disclosure by a person to whom Rule 8.3(b) of the Code applies must be made by no later than 3.30 pm (London time) on the Business Day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Code.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with either of them (see Rules 8.1, 8.2 and 8.4 of the Code).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Information relating to IMPT Shareholders

Please be aware that addresses, electronic addresses and certain other information provided by IMPT Shareholders, persons with information rights and other relevant persons for receipt of communications from IMPT may be provided to Hansteen as required under section 4 of Appendix 4 to the Code.

Requesting Hard Copy Documents

Pursuant to Rule 30.3 of the Code, a person so entitled may request a copy of this announcement and any information incorporated into it by reference to another source in hard copy form. A person may also request that all future documents, announcements and information to be sent to that person in relation to the Offer should be in hard copy form. For persons who receive a copy of this announcement in electronic form or via a website notification, a hard copy of this announcement will not be sent unless so requested from Hansteen by contacting Richard Lowes, Finance Director, at Hansteen Holdings PLC, 1 Floor Pegasus House, 37-43 Sackville Street, London W1S 3DL.

Publication on website

A copy of this announcement will be made available, free of charge subject to certain restrictions relating to persons resident in Restricted Jurisdictions, at http://www.hansteen.co.uk/investors/offer-documents by no later than 12 noon (London time) on the Business Day following the date of this announcement.

Neither the content of the websites referred to in this announcement nor the content of any website accessible from hyperlinks on Hansteen's website (or any other website) is incorporated into, or forms part of, this announcement.

The Offer is subject to the provisions of the City Code.

Not for release, publication or distribution, in whole or in part, in, into or from any Restricted Jurisdiction.

Hansteen Holdings plc published this content on 20 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 February 2017 15:27:03 UTC.

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