TIAA Henderson Real Estate has extended its UK Retail Warehouse Fund by six years, to December 2021.

TIAA Henderson Real Estate has extended its UK Retail Warehouse Fund by six years, to December 2021.

The original £1.1 bn (€1.4 bn) fund was due to expire in December 2015. All 70 unit holders, comprising UK and European institutions, elected to extend their participation in the vehicle.

The change also allows the fund to raise extra equity of up to 10% per year. It currently holds 16 retail warehouse assets across the UK and has shown a five-year total return of 17.6% per year to June 2014.

Michael Neal, fund manager at TH Real Estate, said: 'We are delighted to have secured an extension for this fund, which we believe offers investors the optimum route into the strong returns available within this sector.'

Dan Batterton, head of product development at Legal & General Property, added: 'To achieve consensus across such a diverse investor base is not a straight-forward task. However TIAA Henderson Real Estate ensured that the unit holders met independently in order to allow open debate.'

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