Henderson Global Investors announced on Tuesday that its German joint venture investment company, Warburg - Henderson KAG, has acquired a multi-let building in the Waterfields retail warehouse park in Watford, UK for up to £41 mln (EUR 45 mln).

Henderson Global Investors announced on Tuesday that its German joint venture investment company, Warburg - Henderson KAG, has acquired a multi-let building in the Waterfields retail warehouse park in Watford, UK for up to £41 mln (EUR 45 mln).

The final purchase price will be determined by the combination of a fixed and a variable component. At a purchase price of £41 mln , the gross initial yield is around 7.5%, Henderson said.

The retail park was established in 2002 and comprises a lettable area of around 7,000 m2 split into six units. The tenants are retail brands Next, Mamas & Papas, Sports Direct, Boots, Argos and Borders. The rental contracts have an average duration of nine years remaining.

The property has been acquired for one of Warburg - Henderson’s pan-European special property funds. 'Within a few months, we were able to make yet another investment in the currently very attractive UK property market. We are delighted that, by means of this acquisition, we could further strengthen the important segment of retail property in our portfolio,' said Eitel Coridass, managing director and responsible for the portfolio management at Warburg - Henderson.