Henderson Global Investors has completed the acquisition of the London headquarters of Italian bank Intesa Sanpaolo on behalf of its German joint venture Warburg-Henderson.
Henderson Global Investors has completed the acquisition of the London headquarters of Italian bank Intesa Sanpaolo on behalf of its German joint venture Warburg-Henderson.
90 Queen Street, London, EC2 was acquired by Henderson's property business from Great Portland Estates for £61 mln (€73 mln). Henderson said the transaction provides an initial yield of 5.4% after costs.
Martin Payne, fund manager at Henderson who is responsible for the JV's investment in UK markets, commented: 'We have acquired a strong asset with good income potential from a strong covenant paired with a prime City of London location. It offers optimum conditions for stability which will now allow us the opportunity to diversify the portfolio further with future acquisitions. We will now be widening our net in search of quality well-let assets elsewhere in the UK.'
Henderson was advised by Montagu Evans and Osbourne Clarke. GPE was advised by GM Real, Strutt & Parker and BLP.
Henderson is a leading property asset manager with £12.7 bn of property funds under management across Europe, Asia and the US at end-September 2013.
In June 2013, Henderson Global Investors and TIAA-CREF announced their intention to launch a new global real estate investment management company, TIAA Henderson Real Estate. It is due to be established in Q1 2014 and will consist of TIAA-CREF’s European real estate business and Henderson’s European and Asia Pacific-based real estate businesses. It will also operate a global distribution and servicing platform on behalf of its own assets and those belonging to TIAA-CREF in North America, representing £42 bn of real estate assets.