Henderson Global Investors has acquired a further 12.5% stake in the 300,000 sq ft Birmingham Fort Shopping Park for £26.25 mln (EUR 31.13), increasing its interest in this asset to 50%.
Henderson Global Investors has acquired a further 12.5% stake in the 300,000 sq ft Birmingham Fort Shopping Park for £26.25 mln (EUR 31.13), increasing its interest in this asset to 50%.
Henderson, on behalf of its £1.1 bn UK Retail Warehouse Fund, acquired the additional interest from Clerical Medical Managed Funds Ltd, St James's Place UK plc and Clerical Medical Investment Group Limited. The sales price reflects a net initial yield after expiry of rent frees of approximately 5.6%.
Henderson Retail Warehouse Fund has been involved in sales and purchases of over £220 mln in the past year.
Michael Neal, fund manager of the Henderson UK Retail Warehouse Fund at Henderson, said: 'Birmingham Fort is one of the UK’s leading fashion parks and a core asset for the Retail Warehouse Fund that has performed well in 2010. Recent lettings to Republic, Foot Asylum, Frankie and Bennies and Game, together with lease re-gears concluded with Next and River Island show the strength of the trading location. We are delighted to have been able to increase our exposure to this asset and to a segment of the market that is forecast to out-perform as more and more retailers see the benefits of trading from prime shopping parks. 2010 has been an excellent year for the Retail Warehouse Fund having delivered total returns to its unit holders in excess of 20%, whilst also building on a pipeline of asset management opportunities that will enhance fund returns going forward.'
Morgan Williams and DTZ acted for Henderson and CBRE acted for the Vendor.
