Henderson Global Investors has announced that its German joint-venture investment company, Warburg-Henderson Kapitalanlagegesellschaft für Immobilien mbH ("KAG"), has acquired a multi-let building in the Waterfields retail warehouse park in Watford, Great Britain for up to ₤41 million; the final purchase price being determined by the combination of a fixed and a variable component. At a purchase price of ₤41 million, the gross initial yield is around 7.5%.
The retail park was established in 2002 and comprises a lettable area of around 7,000 m² split into six units and let to the well-known retail brands Next, Mamas & Papas, Sports Direct, Boots, Argos and Borders. The rental contracts have an average duration of nine years remaining.
Watford is a prospering city 30 kilometers northwest of London and the property has been acquired for one of Warburg - Henderson's pan-European special property funds.
"Within a few months, we were able to make yet another investment in the currently very attractive UK property market. We are delighted that, by means of this acquisition, we could further strengthen the important segment of retail property in our portfolio," says Eitel Coridass, Managing Director and responsible for the portfolio management at Warburg-Henderson.