Hamburg-based Warburg-Henderson has acquired two properties in the Scottish city of Edinburgh for £50 mln (EUR 58 mln). In a statement, the Hamburg-based joint venture between M.M.Warburg & CO and Henderson Global Investors said Edinburgh has proved to be more stable and less affected than London by the global financial crisis.
Hamburg-based Warburg-Henderson has acquired two properties in the Scottish city of Edinburgh for £50 mln (EUR 58 mln). In a statement, the Hamburg-based joint venture between M.M.Warburg & CO and Henderson Global Investors said Edinburgh has proved to be more stable and less affected than London by the global financial crisis.
The gross initial yield for the purchase of the neighbouring properties, 1 and 7 Exchange Crescent, was more than 7% in each case.
The buildings, comprising 19,000 m2 of office space, are 100% let to UK insurance group Standard Life to 2031. 7 Exchange Crescent was acquired for Warburg-Henderson's European Core Property Fund No. 1 and the other building for another Warburg-Henderson vehicle. These were the first UK deals for both funds.
Warburg - Henderson Kapitalanlagegesellschaft für Immobilien is a joint venture between M.M.Warburg & CO and Henderson Global Investors Limited, which was established in Hamburg on 11 April 2001 as an initiator of open-ended property special funds.
