Henderson acquires Glasgow mixed-use site for EUR 42m

Henderson Global Investors has acquired a 4,050-m² mixed-use site in Glasgow for £36.4 mln (EUR 41.4 mln), representing a net initial yield of 5.4%. HGI carried out the transaction on behalf of its RZVK-Immo-Fonds, for its German joint venture Warburg - Henderson.

The vendor of 61-79 Buchanan Street, Glasgow is Hazelhaw Properties. The unit is a mixed use asset comprising prime retail units and offices. The three retail units are let to Timberland for three years, Hugo Boss for nine years and USC for 10 years. The offices above are let to Regus, also for 10 years.

The RZVK-Immo-Fonds is a pan-European fund which has already invested in 14 properties. All properties are located in Germany except for one other asset in Scotland - 1 Exchange Crescent in Edinburgh. Warburg - Henderson is actively looking for further similar retail opportunities in major UK retail centres, as well as securely let modern office properties in central London, major centres in France, Germany and Italy.

Andrew Creighton, director at Henderson Global Investors, said: 'This acquisition is part of our strategy of acquiring properties with good fundamentals, which provide the fund with exposure to reversionary rents and active asset management opportunities. We foresee strong demand for well-configured units on Buchanan Street from international retailers and are confident that this asset will help create value for our investors'.

CBRE acted for Henderson. Cushman and Wakefield acted for Hazelhaw Properties.