The Warburg-Henderson Kapitalanlagegesellschaft für Immobilien mbH, Hamburg, has this month completed the acquisition of four properties in France, Germany, Italy and for the first time in Sweden for its property Spezialfonds Pan-Europa Fonds Nr. 1 and Pan-Europa Fonds Nr. 3. The investments comprise four retail warehouses in St. Herblain near Nantes, Bedburg near Cologne, Zola Predosa in Bologna and Löddeköpinge near Malmö for over €100 million.
Mike Sales, Henderson director of portfolio management for Europe says, This is a great start to a very active year for the KAG. Supply constraints and strong investor demand are positive for retail investment markets. This is combined with improving sales growth prospects in many markets over the next five years supporting potential for rental growth. During 2006 we are targeting investment of in excess of 1bn across Western Europe. Further acquisitions are imminent.
In St. Herblain near Nantes the KAG acquired a retail warehouse comprising 15 units in a variety of retail, leisure and restaurant uses providing a lettable area of around 27,000 sqm and 1,449 parking spaces. Main tenants in the fully let property are Décathlon (sports), Boulanger (electricals) and UGC (cinema).
In Löddeköpinge, approximately 35 km north of Malmö, a retail warehouse comprising six units and a lettable area of around 19,000 sqm of gross area and 1,900 parking spaces was purchased from IKANO Fastighets AB. This acquisition is the first investment for the Warburg - Henderson KAG in Sweden. The scheme is anchored by Bauhaus and includes further development rights.
The property in Bedburg near Cologne comprises a real hypermarket, a Dänisches Bettenlager (international home furnishings multiple) and MediMax (electricals) providing a lettable area of around 13,000 sqm and 512 parking spaces. The property is let on a long-term basis. Main tenant is the real,- SBWarenhaus GmbH which is part of the Metro AG.
In Bologna a retail warehouse consisting of four units with around 5,900 sqm lettable area and 239 parking spaces was acquired for over 20 million. All units are fully let to Unieuro (part of international domestic electricals group Dixon), Chateau dAx (national home furnishings multiple) and Cinti (regional fashion multiples). This acquisition is the second retail investment in Italy for the KAG after purchasing a retail warehouse in Lucca towards the end of 2005.
Source: Henderson
