Henderson Global Investors has extended its £560-million (684.9 mln.) Central London Office Fund I until December 2015. Nearly all of the fund's 84 investors voted in favor of extending the fund from 2011 in order to take advantage of the strong London office market.
Clive Castle, Fund Manager of the Central London Office Fund I said: "Pushing the expiry date of the fund fits in with our view of the market. We expect strong rental growth and the extension enables us to manage properties and create value."
The fund was launched in 2004. Several of its properties were sold in 2007 and 2008 to reduce its debt and £100 million of capital was returned to investors in December 2008. The Fund has achieved a return of 30.5% to June 2010. Over the last three years its return to investors has made it the best-performing UK office fund of the recession.
Two months ago Henderson raised £90 million of equity for its second Central London Office Fund, which provides it with around £150 million for acquisitions.
Source: Henderson Global Investors