Warburg-Henderson buys office-retail building in Scotland

Warburg-Henderson KAG has acquired an office and retail property in Glasgow's for its Pan-Europa Fonds Nr. 3. for around EUR 50 mln. The property at 95 Bothwell Street on an island site in the city's central business district was constructed in 1931. It provides 12,750 m² of lettable space and 43 basement car parking spaces. This is the second acquisition for the fund in the UK after purchasing the property 'Woodbridge House' in London in January 2006.

Dr. Henning Kloppelt, managing director of Warburg-Henderson commented: Glasgow is currently one of the UK's fastest growing provincial cities. Bothwell Street is located in a prime part of the city where rents are as high as EUR 40 (£27) per m². Currently rents at 95 Bothwell Street are in the region of EUR 18-23 (£12-16) per m². With the office market experiencing strong take-up, limited supply in the short term and by refurbishing the building we can we can drive our rents forward.'

The Warburg- Henderson Pan-Europa Fonds Nr. 3 was launched in August 2005 for a number of German pension funds. There are currently 14 German and international institutional investors invested in the fund with a total equity commitment of around EUR 300 mln. The Fund invests in core plus properties and has so far acquired eight office, retail and logistic properties in France, Germany, Italy and the UK. Further investments are being prepared.

Warburg - Henderson KAG was founded as a joint venture between M.M.Warburg & CO, Hamburg, and London-based Henderson Global Investors in 2001. It specialises in the creation and management of pan-European property Spezialfonds.