Henderson Acquires One Property, Develops Two Others
Henderson Global Investors has acquired a retail asset in Glasgow on behalf of its £160.3 million (€199 million) UK Property Fund. The asset was purchased for approximately £2.6 million (€3.2 million) from Lochary West (Biggar). The 887-square-metre building, situated at the eastern end of the pedestrianised Argyle Street, is let on FRI terms to Sainsbury’s Supermarkets for 15 years from December 2011.
“This presented an excellent opportunity to acquire a prime city centre asset with an attractive yield profile for an investment of this nature, completed by the potential to benefit from various development proposals along Argyle Street,” says Cameron Fraser, fund manager for the Henderson UK Property Fund.
Following the purchase and on the larger side of the two developments, Henderson, on behalf of its European Outlet Mall Fund (EOMF), entered