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Marchfeld

Henderson year end deals

Henderson Global Investors’ c. £12.4 billion Property Business rounded off 2012 with a number of global property deals, taking total deals transacted throughout the year to over fifty transactions.

Henderson Global Investors’ c. £12.4 billion Property Business rounded off 2012 with a number of global property deals, taking total deals transacted throughout the year to over fifty transactions.

In Austria, on behalf of its German joint venture, Warburg - Henderson, Henderson has acquired a retail warehouse in Vienna. The fully let retail warehouse “Marchfeld Center” is located in Groß-Enzersdorf. It marks the sixth acquisition for the Warburg - Henderson Österreich Fonds Nr. 2. The asset has 10,718 sqm retail space and 450 parking spaces. Its 16 tenants include super market chain Merkur, food discounter Hofer and clothing retailer C&A.

In Germany, Henderson, along with Palmira Capital Partners has acquired a second logistics centre for its German Logistics Fund which launched in the Autumn. The 16.000 sqm property, located in Elmenhorst (nr. Hamburg) in Germany, is let to Office Depot, a leading global office supplies and services provider. It was acquired from asset manager, Industrial Securities Europe for an initial yield of over eight percent.

In the US, Henderson’s CASA IV Fund has sold its 120 unit Capistrano Gardens Apartment Homes for $21 million, generating a net IRR of approximately 21%. The property, located in the Los Angeles suburb of Norwalk, CA was sold to an international investor based in Japan.

Meanwhile, on behalf of CASA V, the US business has acquired three further multi-family housing assets. Two of the properties, with a total of 350 units, are located in the Baltimore suburb of Owings Mills, MD, and were acquired from a local developer for $47.9 million combined. The other asset, Park at City West Apartments, with 288 units, is located in the Minneapolis suburb of Eden Prairie, MN, and was acquired for $35.6 million.


Other year-end US transactions include two dispositions from the Henderson North American Property Fund. The sale of the 31,000 s.f. Oceanview Medical Center in Orange County, CA and the 45,000 s.f. Center Place Shopping Center in the Seattle area, yielded a combined $7.6 million in distributions to the fund’s investors.

Back in the UK, Henderson has sold its Home Décor Unit, in Sheffield to ASDA, achieving a return of over c. 150% on its holding since acquisition in 2006 due to a complex relocation and development initiative. Meanwhile, 6-7 High Street, Oxford was sold for c. £9.3 million.

Michael Sales, CIO & Managing Director at Henderson Property, commented: “We started 2012 well placed with substantial client commitments but were adamant that this would only be placed in investments where our investor’s objectives were met. We have made selective investments throughout the year in high quality defensive assets with strong cash flows.

“We have taken advantage of a range of opportunities throughout the year, whether that be through our extensive European infrastructure and network which has bought us a number of off market opportunities or through delivering on more speculative and ambitious project ideas by utilising the expertise of our in-house development team. It is opportunities such as these which have been extremely beneficial in a market with such a tight supply of good quality stock.

“We have also exited a number of investments where we felt we had achieved uplift through significant asset management work and/or where capital could be better invested elsewhere.”

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