Henderson Property was involved in a large number of deals at the end of last year which meant the number of deals completed throughout the previous 12 month period was around 80.
The company has a warehouse fund worth over £1 billion and an expansion of this has taken place by the company buying a retail park in Livingston for a price of around £32 million. This site has over 100,000 square foot of space and was purchased from the previous owner Land Securities.
A fund manager for the company is Michael Neill who has said, “This retail park was an excellent acquisition because it has good mix of tenants and very strong trading profile. It is a sustainable retail location with a strong future that will be very profitable from company. High income is generated by the park every year and we feel the return will be good, even in the short and medium term.”
The company has also purchased properties on behalf of private clients including property in Norwich which was bought for around £6 million. This property, which houses a Waterstones bookshop, has been purchased for an Irish investor who has elected to remain private.
The company also purchased further property, including a warehouse, from a private investor. The reported purchase price was a little over £7.5 million and has brought an initial yield of 6 percent net.
The company also works for the UK Property Unit Trust and on behalf of them they purchased properties in Muswell Hill Road. This included six shops and an Odeon cinema which is expected to generate around half a million pounds in revenues every year. This gives a 5.5 percent initial net yield.
Property was also purchased at the Edinburgh Interchange for a price of nearly £5 million. This purchase included buying industrial units which were currently let to DHL, Xtreme Carting and Scottish Ministers. One unit in this facility was vacant but despite this it is expected that the company will still make an initial yield of around 8.5 percent.
In Belfast, several sales have also occurred and retail units in Belfast including O2 and Lush units have been sold for around £3 million. This reflects an initial net yield of 9.5 percent.
Outside of the United Kingdom, Henderson is involved in a joint venture with the company Warburg Anderson. Through company they sold an office building located in Paris for nearly €20 million. This building was sold to iii-investments and represents an initial net yield of nearly 5 percent.
This building is located in central Paris and has undergone extensive renovation since 2008. It is currently leased to 100 percent capacity to several different tenants. The rentable area in the building is over 2000 square metres and the purchase was advised by the law firm, Herbert Smith. On Henderson side they were advised by several different firms including Gide Loyrette Noue, Wargny-Katz and Cushman & Wakefield.
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