London-based Henderson Global Investors has secured a seven-year extension for its £650 mln (EUR 825 mln) flagship UK Shopping Centre Fund, giving it a further life of ten years. The Jersey-based property unit trust, which was established in July 2004, was originally due to terminate in 2014. The fund will now run through until 2021, with a redemption window available in 2017.
London-based Henderson Global Investors has secured a seven-year extension for its £650 mln (EUR 825 mln) flagship UK Shopping Centre Fund, giving it a further life of ten years. The Jersey-based property unit trust, which was established in July 2004, was originally due to terminate in 2014. The fund will now run through until 2021, with a redemption window available in 2017.
Henderson announced it is now entering a process of capital raising for the fund as it seeks £200 mln to meet redemptions, to fund redevelopments and to make further investments in prime UK shopping centres.
The fund's portfolio includes stakes in a number of prime assets, namely a 1/3 share in Birmingham's Bullring, a 50% share in Buchanan Galleries in Glasgow, a 50% share in Whitefriars in Canterbury and 100% ownership of St James Centre, Edinburgh.
The fund has delivered a 5% total return over the last year, rising to 13.3% per annum over three years. It has consistently compared favourably against its competitors and has boasted outperformance against its objective at both the fund and property level. It has been the top performing Fund in its sector for the past three years, Henderson said in a statement.
