Henderson Global Investors, on behalf of its German joint venture, Warburg Henderson KAG, has sold a building located at 62, rue de la Chaussée d'Antin in the 9th district of Paris, France, for 19.5 million. The building was the first asset acquired by this fund in 2003.
The building is primarily used for office space although the ground floor is dedicated to retail. It was completely renovated in 2008 by Henderson Global Investors, and now comprises a useable surface area of 2,260 m². It has a ground floor, seven upper floors and a basement level which has been fitted out to provide storage space.
The retail space is let to three retail brands, including Tout Compte Fait, part of the Comptoir Français de la Mode group, who occupy 66% of the retail area. 80% of the office space is let to four main tenants - Corbis France, Goodman, Cosmogen and Securactive.
Chris Linney, Head of Property Investment, France, said: "We are pleased with the sale which has benefited from the renovation work that we completed and the high quality tenants that we were able to secure. The outcome here is a good example of Henderson's ability to actively manage its assets in order to achieve the desired high returns expected from investors."
Cushman & Wakefield's Capital Markets Group advised both parties on the transaction. The vendor was also assisted by the notary Wargny Katz & Associés and the law firm Gide Loyrette Nouel while the purchaser was assisted by the notary Jusot & Associés, and the law firm Herbert Smith.
Source: Henderson Global Investors