Henderson Global Investors' Warburg-Henderson KAG joint venture has completed the equity raise for its property fund - Warburg-Henderson Österreich Fonds Nr. 2.
Henderson Global Investors' Warburg-Henderson KAG joint venture has completed the equity raise for its property fund - Warburg-Henderson Österreich Fonds Nr. 2.
The fund has raised €180 mln from German and Austrian investors, which provides it with EUR 360 mln of firepower to deploy in the Austrian property market, including debt.
The fund which invests in a diversified commercial property portfolio in Austria aims to achieve an annual total return on capital invested of 7%. The investment focus is on core to core-plus retail properties across Austria as well as office properties specifically in Vienna.
The fund has already acquired a 4,700-m² retail warehouse and a 10,400-m² high street retail asset in Vienna as well as a 15,000-m² fully let retail warehouse in the Austrian city of Fürstenfeld. Two shopping centres were also acquired, the 14,200-m² Stadtparkcenter in Spittal and the 13,440-m² Infra Center in Linz.
It has also exchanged contracts on a further retail warehouse which is due to complete before year end. The fund plans to acquire between 10-15 assets in total and said 'it is confident that the investment phase will be complete by the end of 2013'.
'The fund is already 35% invested with a well diversified initial portfolio which we are confident will deliver long-term solid performance for our investors,' said Clemens Rumpler, head of Property Investment Austria at Henderson.
