Hansteen aims for £200m to shop for bargains in London

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The fundraising - the biggest by an AIM-listed firm in two years - marks a return to the UK property market for Ian Watson and Morgan Jones.

The pair set up Hansteen in 2005 after selling Ashtenne to Warner Estates and have spent much of the past four years investing in out-of-favour property in Continental Europe.

Watson today said the time was right to re-enter the distressed UK market given how far prices have fallen and the opportunity for double-digit returns. "This gives us the firepower to take advantage of the exceptional buying opportunities in the UK," he said.

He said the firm was looking at a number of sites in London and the South-East as well as elsewhere in the UK having built up a �500million (£426 million) property portfolio in Europe.

Possible targets include warehouses owned by debt-ridden landlord Brixton, which owns sites in London's west around Heathrow and Park Royal.

Hansteen is selling nearly 268million new shares at 75p each to raise £200.8 million - £194.6million after fees.

The placing is fully underwritten by KBC Peel Hunt. Shares were unchanged at 82p today.