Henderson Global Investors' Property business in France has sold a building located at 15, rue du 4 Septembre, in the second district of Paris, on behalf of the Warburg - Henderson Pan-Europa Fonds Nr. 1, for a net sale price of 22.2 million.
The building is predominantly used for office space with the ground floor dedicated to retail space. The building was acquired by Warburg - Henderson KAG in September 2005.
The building comprises a useable surface area of around 2,500 m². It has a ground floor, six upper floors and two basement levels, comprising cellars and storage space.
Chris Linney, Head of Property, France, said: "We are pleased with the sale which has benefited from Henderson's ability to actively manage its assets in order to achieve significant returns. In this case we were able to achieve a positive return of 8.6% per annum across the holding with a total IRR of c. 30%.
Catella Property, in a co-exclusive mandate with Cushman & Wakefield, advised both parties on the transaction. The vendor was also assisted by the notary Wargny Katz & Associés and the law firm Gide Loyrette Nouel.
Source: Henderson Global Investors