Warburg - Henderson KAG has announced the launch of a new core-plus open-ended fund focusing on German commercial assets and the acquisition of a portfolio of office buildings for €300 mln.

Warburg - Henderson KAG has announced the launch of a new core-plus open-ended fund focusing on German commercial assets and the acquisition of a portfolio of office buildings for €300 mln.

The Vehicle, known as Warburg-Henderson Germany High Income Fund, has already completed its equity raising and signed its first purchase with the acquisition of eight commercial assets located in six German cities, including Munich and Frankfurt.

The package, which is nearly fully let with an average lease length of nine years, was sold by German group Dibag. Debt financing for the €300 mln deal was provided by lenders Berlin Hyp and M.M.Warburg & CO Hypothekenbank.

'The fund combines established locations in big cities with the surplus return of core-plus investments. As such, the fund is tailored to the current needs of investors,' commented Stefan Hellwig, senior fund manager and responsible for the fund.

Warburg - Henderson is responsible for the conception, structuring, fund management and reporting of the fund. The acquisition of the portfolio and asset management is carried out by HIH Hamburgische Immobilien Handlung as exclusive asset manager for Warburg - Henderson in Germany.

Warburg - Henderson currently manages 18 property funds for over 100 German and international institutional investors, representing total assets under management of €4.2 bn. The company is owned by M.M.Warburg & CO and TIAA Henderson Real Estate.