Henderson Global Investors has announced that its Retail Warehouse Fund, managed by Andrew Friend, has passed the Â£1 billion investment milestone.
Launched in July 2001 with funds of Â£180 million and an initial portfolio of just six products, the fund has grown rapidly to its current size with a portfolio comprising 19 assets.
The initial portfolio comprised prime quality assets over 10,000 mÂ² including the award winning* Fort Shopping Park in Birmingham (in which it has a 25% share), Enfield Retail Park, Central Retail Park in Manchester and Chilwell Retail Park in Nottingham. Today its assets include Parc Fforest Fach, Swansea; Craigleith Retail Park, Edinburgh; Kew Retail Park, London.
Throughout 2004, the Fund has maintained out-performance against the IPD monthly index for the sector whilst continuing to grow. During its three year life and in what has been widely recognised to be a tough market, the Fundâs value has risen by more than Â£850 million through a combination of acquisition and asset management,
The Fund enables investors to gain exposure to a diversified portfolio of prime assets capable of providing excellent returns. It was designed to recognise the enormous potential offered by the retail park sector and meet the significant investor demand for this sector specialist Retail Warehouse Fund concentrating on the top end of the market.
The Fund is closed ended with an initial seven year life ending 31 December 2008 (but with an option to extend). Open to institutional investors, it aims to outperform the IPD UK Annual Index Retail Warehouse sector by 1% per annum. As a unit trust, established in Jersey, it gives greater liquidity to investors and offers a specialist sector Property Unit Trust to the growing funds of funds market.
Andrew Friend, Fund Manager of the Retail Warehouse Fund, says âWe are delighted to have passed this significant investment milestone and to have outstripped all expectations in terms of the Fundâs size and popularity. 2004 looks like it will be an exceptional on for performance for our investors. We believe there is a lot more potential in the portfolio for 2005 and beyond.â
*The Fort Shopping Park in Birmingham received a âGold Awardâ at the 2004 BCSC annual award ceremony. It was judged on how well it is managed, including its financial performance, marketing, integration into the local community and appeal to shoppers.