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Warburg-HIH buys prime retail units, acquired by TH Real Estate

KAG Argyle Street

TH Real Estate, on behalf of a real estate Fund managed by Warburg HIH Invest Real Estate GmbH (Warburg-HIH Invest, previously: Warburg - Henderson), has acquired Units 2 and 3 at 44-48 Argyle Street for £1.9m. This follows the purchase of the freehold of 38-48 Argyle Street in July 2014. The total investment in the properties is in excess of £23.5m.

Unit 2 is let to Yours Clothing until September 2025, with a break in September 2020, at £185,000 pa. Unit 3 is currently vacant and will be marketed for lease imminently.

Axel Kleinefenn, Head of Fund Management, Warburg-HIH Invest said: "Following our acquisition of the main unit – let to TK Maxx – we received access to additional asset management potential through the full ownership of a well located asset in a promising retail market."

Martin Payne, Senior Fund Manager, TH Real Estate, added: "We’ve made a significant commitment to Glasgow and have considerable confidence in the city’s future. This latest acquisition builds on the investment we made in 2014, enhancing the opportunity to tap into Glasgow’s strong retail market."

Andrew Shiells, Director, Lambert Smith Hampton, commented: "Glasgow is widely recognised as one of the UK’s most vibrant retail destinations and has good investment fundamentals. This acquisition allows TH Real Estate to realise inherent value by purchasing control of a long leasehold interest and creating additional value by letting out the vacant unit."

Lambert Smith Hampton advised TH Real Estate.

Disclaimer Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. *All figures as at 31 March 2015

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