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Henderson acquires retail warehouse in Mistelbach, Austria

Henderson Global Investors, on behalf of its German business Warburg - Henderson KAG, has acquired a retail warehouse in Austria. The purchase price was not disclosed.

Henderson Global Investors, on behalf of its German business Warburg - Henderson KAG, has acquired a retail warehouse in Austria. The purchase price was not disclosed.

The asset – “M-City“ – is a fully let retail warehouse located in the lower Austrian city of Mistelbach, around 60 kilometres north of Vienna. It comprises 10.811 sqm of retail space and 370 parking spaces with main tenants including Intersport XL (a sports retailer) and Red Zac (an electronics retailer). In total, it is let to 25 tenants offering a balanced retail variety that is complemented by the close proximity of supermarket chain Billa, hardware store Obi and furniture store Möbelix.

It was acquired from Bank Austria Real Invest Immobilien Kapitalanlage GmbH and represents the seventh acquisition for the Warburg - Henderson Österreich Fonds Nr. 2.

Clemens Rumpler, Head of Property Investment Austria for Henderson said: "M-City represented a terrific opportunity to acquire an asset which fits the Fund requirements for tenant structure, architecture and price/performance ratio. Additionally, it benefits from an ideal location in the easterly suburb of Mistelbach on the B40, one of the most important roads in and out of the county town. The catchment area of nearly 71,000 people will be extended in the long-term due to the construction of the motorway connection Vienna-Brünn.”

The Warburg - Henderson Österreich Fonds Nr. 2 was launched in March 2011 and invests in a diversified portfolio of commercial properties with a risk/return profile of core to core plus. The fund is aimed at German and Austrian investors. It targets a yearly Total Return (IRR) of 7 % on equity invested. The investment focus is on retail properties in all of Austria and office properties in Vienna. Once fully invested the fund should hold between 10 and 15 properties.

The portfolio now comprises of five retail warehouses in Vienna, Fürstenfeld, Linz and Mistelbach, one shopping centre in Spittal and an office and retail asset also located in Vienna. Further acquisitions are currently being prepared.

Stefan Wundrak, Director of Research, Property at Henderson added: “With good rental growth prospects and slight inward yield compression, we favour Austrian retail parks. Whilst many institutional investors will focus on prime high streets and shopping centres, we continue to believe the yield spread for retail warehouse is attractive and will outperform.”

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