Henderson Global Investors has said its EUR 1bn European retail shopping centre fund, Herald, has completed the sale of the Hurdle portfolio for EUR 85mln to a private Dutch property company. The portfolio comprises five retail parks located in the Dutch cities of Assen, Drachten, Emmeloord, with two in Emmen. The assets are multi-let with over 100,000 m[sup]2[/sup] of gross retailing space. Tenants include Praxis, Leen Bakker and Kwantum. The transaction reflects a triple net yield of 6.2%.
Henderson Global Investors has said its EUR 1bn European retail shopping centre fund, Herald, has completed the sale of the Hurdle portfolio for EUR 85mln to a private Dutch property company. The portfolio comprises five retail parks located in the Dutch cities of Assen, Drachten, Emmeloord, with two in Emmen. The assets are multi-let with over 100,000 m2 of gross retailing space. Tenants include Praxis, Leen Bakker and Kwantum. The transaction reflects a triple net yield of 6.2%.
Kay Jackson, head of asset management for Herald said, 'This sale, which is above June's valuation, is an excellent result given the challenging market conditions and enables us to further increase Herald's equity position, reduce its gearing ratio and also improve on the overall vacancy rate of the portfolio. Given its low gearing and committed equity it is well placed to exploit the current market conditions.'
Herald invests in retail warehouses, shopping centres and city centre retail assets in Eurozone countries with a particular country focus on Spain, Italy, France and Germany. The portfolio currently holds 22 assets spread across nine countries. Launched in December 2005, Herald is a Luxembourg domiciled FCP (Fonds Commun de Placement) Fund and has a target total return in excess of 9% and target income return of approximately 5.5% per annum over 10 years.
