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Henderson Property global deals

Henderson acquires retail warehouse in Germany; sells assets in North America; targets US Student Housing.

Henderson Global Investors, on behalf of its German Retail Income Fund has acquired a retail warehouse in Norden, East Frisia in Germany for c. €23 million.

The asset, with 12,675 sqm lettable area, was acquired from, Norder Tor GmbH & Co. KG, who completed development of the building in March last year. Its main tenants include food retailers Kaufland and Aldi as well as the drug store chain - Rossmann.It represents the eighth acquisition for the Fund.

Thilo Wagner, Manager of the Fund, said: “The strategy for the Fund involves the acquisition of retail parks, anchored by a supermarket operator. Investment criteria is for assets which are dominant in their catchment area, having been recently developed or newly renovated and let to high caliber tenants. In this respect, this acquisition was an excellent fit. Additional benefits include the added regional diversification that it introduces to the Fund as well as the strong covenants across the park.”

Meanwhile, in North America, Henderson Property has made two disposals.

In California, Henderson has sold the Element, a 792 bed (288 units) student housing property, for $37 million, to Horizon Realty Advisors. It was sold on behalf of a private client; In Minneapolis, Henderson has sold Woodlane Place in Woodbury – a multi family housing asset - for $30.25 million ($140,000 per unit). The asset was sold on behalf of Henderson’s CASA II Fund.

Henderson is currently pursuing plans for a new institutional investment opportunity targeting the US student housing market. The Henderson Student Housing Fund will invest in high quality by-the-bed student housing properties across target markets within the US, and has a current active pipeline of attractive investments.

AJ Richard, Director of Portfolio Management, Henderson North America, said: "Henderson believes the student housing sector possesses strong near-term demand/supply characteristics and is attractively priced relative to other sectors. By aligning with specialist student housing operators, Henderson is well positioned to access investment opportunities and deliver strong performance for its investors."

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