Henderson Global Investors, on behalf of its German joint venture with M.M. Warburg ,the Warburg-Henderson KAG, has completed the sale of Am Modenapark 1-2 , an office building in Vienna, Austria. The sale was undertaken for its Austrian Fund - Warburg - Henderson Österreich Fonds Nr. 1.
Since its acquisition in 2002, the building, located in the prime diplomatic quarter, has been fully let to the City of Vienna. It has been sold at a price above market value and has potential to be redeveloped or refurbished on vacation by the City.
Clemens Rumpler, Head of Property Investment at Henderson Global Investors, Austria, said: "The Warburg - Henderson Österreich Fonds Nr. 1 is now in its disinvestment phase and the sale of Am Modenpark reaffirms the value created for our investors.
"It is due to the unprecedented success of our first Austrian Fund, that Warburg- Henderson has recently decided to launch a second Austrian fund, the Warburg - Henderson Österreich Fonds Nr. 2 which will follow a similar criteria for investment."
Warburg - Henderson Österreich Fonds Nr. 1 currently comprises capital of around 230 million. Since its launch in December 2002, the fund has achieved a total return rate of 6% per year (IRR) for its investors. Now in its disinvestment stage, it has already sold one other office building in Vienna. The portfolio currently contains 11 properties which are located in Vienna, Steyr, Parndorf, Wiener Neustadt, Wiener Neudorf, Leoben and Telfs.
Source: Henderson Global Investors