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BlackRock's Mark Lyttleton slashes Hansteen Holdings stake
BlackRock UK equity manager Mark Lyttleton (pictured) has cut his exposure to European property portfolio Hansteen Holdings (HSTN.L).
Markets
BlackRock UK equity manager Mark Lyttleton has slashed his exposure to long-time favourite investment European property portfolio Hansteen Holdings (HSTN.L).
Lyttelton cut his holding in the business from 31.56 million shares to 25.23 million, or 3.95%, worth £18.42 million at a share price of 73p.
Hansteen has been a core strategy in his £1.99 billion UK Absolute Alpha fund since Lyttleton bought into a rights issue at 75p near the bottom of the market in 2009.
The company, which invests primarily in continental European commercial property, is currently trading at a 16% discount to its most recent reported portfolio value per share of 87p.
In results for the six months to July Hansteen reported earnings of £18.2 million, up from £9.7 million in the same period of 2010, primarily due to acquisitions and a one-off insurance payment.
The company raised £150 million in new capital last year and remains acquisitive, with approximately £450 million of free cash and undrawn borrowing.
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