The Warburg Henderson Kapitalanlagegesellschaft für Immobilien mbH (KAG), Hamburg, has purchased six buildings for its Warburg Henderson Pan-Europa Fonds Nr. 1 flagship fund. Three of the properties are located in the North West of England and three are in France.
In Manchester KAG has purchased two modern office investments, Enterprise House & Telegraphic House, at Salford Quays consolidating its existing land ownership. The properties comprise a total lettable floor area of around 4,400 m² with 169 parking spaces. The purchase completes the site ownership of Waterfront Quay, following the Fund's earlier purchases of Laser House and Magnetic House in November 2003 and Capital House in 2004.
In Liverpool KAG has acquired an office building situated in the heart of the European City of Culture in 2008, directly opposite the city's newest prestige development, St. Paul's Square. The property, which was completed in 2004, provides over 12,500 m² of lettable area with 80 basement car parking spaces and is fully let to the UK Passport Service and Unisys.
In St.-Herblain, near Nantes, KAG has acquired three individual properties adjacent to the Fund's existing holding at ZAC Atlantis comprising 1,960 m² of retail accommodation and ground lease on a site of some 1,200 m² accommodating a restaurant unit. Tenants include Kiabi (international fashion multiple), Subway (sandwich bar) and Groupe Flo (French restaurant chain).
Patrick Bushnell, Director of Property Investment (Europe), comments: "The strategic acquisitions in Manchester and Nantes are additions to existing holdings which will lead to good asset management potential in the future. In Liverpool we have invested in a market with excellent future prospects. Our investment programme for this fund is progressing very well with a number of further investments already in the pipeline for the balance of the year."
The Warburg Henderson Pan-Europa Fonds Nr. 1 was launched in July 2003 for a number of German and foreign institutional investors committing equity in excess of 600 million. The Fund provides investors with a highly tax efficient opportunity to invest primarily in commercial properties in France, Germany, Italy and the UK and is currently invested in 24 office and retail properties in seven European countries.