Asset manager Henderson Global Investors has announced that the second closing of Herald, its pan-European retail property fund, raised EUR 280 mln in additional equity. The fund has so far raised over EUR 700 mln of equity and should reach a fully invested fund size of about EUR 1.5 bn.
Asset manager Henderson Global Investors has announced that the second closing of Herald, its pan-European retail property fund, raised EUR 280 mln in additional equity. The fund has so far raised over EUR 700 mln of equity and should reach a fully invested fund size of about EUR 1.5 bn.
Herald has attracted 16 new institutional investors, bringing the total number of investors in the fund to 39. The investors at the second closing include Merrill Lynch European Property Fund of Funds, NFU Mutual, Deutsche Ring as well as clients of Morley Fund Management.
The fund is about to complete the investment programme for its first equity raise of EUR 427 mln and has a number of additional acquisitions in the pipeline. Following the second closing, Herald will continue to focus its investment programme on retail warehouse and shopping centre assets in Eurozone countries with a particular country focus on Spain, Italy, France and Germany.
Managed by Patrick Bingham, Herald is structured as a Fonds Commun de Placement vehicle (FCP) domiciled in Luxembourg. It was launched in December 2005 to acquire retail warehouses and shopping centres that offer asset management, refurbishment or development opportunities.
Henderson has about EUR 14 bn of property assets under management globally.