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Henderson German Logistics Fund Launches Investment Programme

Henderson Global Investors, on behalf of its German Logistics Fund (HGLO), has acquired a 19,000 sqm distribution centre in BAD Dürkheim, Germany from Gateway Real Estate AG. The purchase price has not been disclosed but it represented an initial yield of c.8%.

Henderson Global Investors, on behalf of its German Logistics Fund (HGLO), has acquired a 19,000 sqm distribution centre in BAD Dürkheim, Germany from Gateway Real Estate AG. The purchase price has not been disclosed but it represented an initial yield of c.8%.

It represents the first acquisition for the Fund which announced a first closing in October this year. The asset was developed by Gateway Real Estate AG in August this year. It is let to Europe’s leading producer of light alloy wheels – the Uniwheels group - on a long lease. The asset fits well within the Fund’s criteria for existing, good quality logistic assets in top locations throughout Germany.

The Henderson German Logistics Fund is a partnership between Henderson’s German Property Business and Palmira Capital Partner, a specialist in logistic real estate. Palmira advises Henderson during the whole investment process; from the investment strategy to the selection process and acquisition of assets, followed by the management of the property. Current investors comprise predominantly German insurance companies and pension funds, together with an Austrian institutional investor. The Fund remains open to institutional investors. Its target return is 8.5% with a 40% gearing provision.

Thorsten Kiel, Manager of the Fund, said: “We are delighted to have been able to acquire the first acquisition, just weeks after the first closing, which is testament to the Fund team in place; our partnership with renowned logistics experts – Palmira Capital, has optimised our position within the market: Palmira has significant experience in investing, managing and delivering investment performance across logistic assets and are instrumental to the investment process.”

Mathias Leidgeb, partner with Palmira Capital Partners, added: “The strategy for the Fund involves the acquisition of existing, proven schemes with secured leases already in place. This means that the benefit of the low risk associated with newer build assets is retained but the premium pricing is avoided. In this respect, Bad Dürkheim was an excellent fit with the strong covenant strength of Uniwheels and a long lease already in place.”

Henderson and Palmira have three further assets in due diligence which they hope to complete in the New Year.

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