GERMANY – Henderson Global Investors has picked up its first property mandate for a German pension fund on the back of a sub-advisory investment management agreement with HypoVereinsbank, landing a £70m UK real estate portfolio from the Munich-based Bayerische Versorgungskamer.
The fund, an multi-employer pension scheme that includes doctors, pharmacists and architects, invests the UK portfolio as part of its pan-European property exposure.
Michael Sales, director UK property funds at Henderson, who will be managing the portfolio, comments: “We are delighted to have been appointed to manage this portfolio. Henderson already manages the VV Real Estate LP and VV Real Property LP funds on behalf of HypoVereinsbank for German insurance companies, where over £265m has been invested in the UK property market. Both funds have an excellent track record.”
As part of the UK portfolio, Henderson has completed two initial acquisitions at the Gyle in Edinburgh and Quay Street in Manchester.
Guy Morrell, director of UK property at Hendersons, adds: This latest appointment confirms our belief that property will increasingly follow the lead of other assets and become a global asset. Pension funds and insurance companies are looking for opportunities to secure superior returns and or diversification from investing outside their home markets.”