Fund exceeds expectations
Henderson KAG, has successfully closed its property Spezialfonds Warburg-Henderson Pan-Europa Fonds No. 1 with a result significantly ahead of original expectations, it said.
In total, 10 German and foreign institutional investors including pension funds, insurance companies and corporates have committed over e400m of equity, well in excess of the e250m target, set at the fund launch in July 2003.
“The closure of our Pan-Europa Fonds No. 1 is a great success,” said Patrick Bushnell, Director of Property Investment, Europe for Henderson Global Investors. He added: “Our view has been confirmed that demand for pan-European property Spezialfonds is still rising and that, due to our strong local presence in Europe, the Warburg-Henderson KAG will continue to be a key provider of such products.”
The Fund currently owns 12 office and retail properties in France, Germany, the Netherlands, Spain and the UK. Further acquisitions in Western Europe are imminent.
After successfully launching the Warburg-Henderson Pan-Europa Fonds Nr. 2 and receiving further equity commitments for the country-specific
Warburg-Henderson Österreich Fonds Nr. 1 and Warburg-Henderson Deutschland Fonds Nr. 1 the KAG has around e1bn of capital available for deployment.
The Warburg-Henderson Pan-Europa Fonds Nr. 3 is in the pipeline and has already attracted institutional investors. The Fund is the successor of the Pan-Europa Fonds Nr. 1 and will be launched in June. Meanwhile, the Asia No 1 Property Fund, jointly managed by Henderson Global Investors and Keppel Land subsidiary Alpha Investment Partners, has also closed.
The $243m (e189.5m) Asia No.1 Property Fund is a pan-Asia direct property fund targeting assets with high income yields and good prospects for growth. The vehicle invests in a diversified portfolio of property in Asia.
Investments have been made in Seoul, Hong Kong, Singapore and Tokyo. The fund’s first closing was in April 2003 with commitments totalling $102m, with the second closing attaining more than $141m.
The fund has a diverse investor base with institutions and family concerns from the UK, Europe, Australia, Asia, North America and the Middle East.