Warburg - Henderson acquires retail warehouse in Austria
Warburg - Henderson Kapitalanlagegesellschaft für Immobilien mbH, Hamburg, has acquired a fully let retail warehouse in the Austrian city of Fürstenfeld (Styria). The property comprises close to 15.000 sqm and was purchased from ARW Bauprojekt GmbH. The purchase price was not disclosed. The property consists of one existing building and a newly developed extension, which opened about three months ago. The existing building is currently being extensively refurbished by the vendor. The main tenants include well known fashion brands such as C&A, Fussl, New Yorker and the sports goods retailer Intersport as well a modern unit of the chemist Müller. The remaining lease lengths amount to 6.5 years on average.
„With the acquisition of this retail warehouse in Styria we have pursued our strategy to make the most of the currently favourable access conditions into this sector. The new development as well as the refurbishment of the existing space will have a lasting positive impact on the returns of this property“, says Eitel Coridaß, Managing Director and responsible for Portfolio Management at Warburg - Henderson. The established main tenants are said to be developing their sales space further and implementing new concepts. „The location is currently turning into the new shopping heartland of the region Fürstenfeld. Many of the surrounding retailers have already rented space in the retail warehouse“, adds Coridaß.
The retail warehouse „Fürstenfeld“ is situated on the Grazer Straße 16. The region Fürstenfeld is conveniently located and can be reached via the B319. Due to different tenant structures the competition is limited. The catchment area comprises of around 64,500 people. The location is known outside its own region.
The property was acquired for the Warburg - Henderson Österreich Fonds Nr. 2. This is the second purchase of a retail warehouse for the Fund since its launch. The Fund currently owns three retail assets, a further three retail properties are currently in the process of being acquired.
About the Fund: Warburg - Henderson Österreich Fonds Nr. 2 was launched in March 2011 and invests in a diversified portfolio of commercial properties with a risk/return profile of core / core plus. The Fund is aimed at German and Austrian investors. It targets a yearly Total Return (IRR) of 7 % on equity invested. The investment focus is on retail properties in all of Austria and office properties in Vienna. Once fully invested the Fund should hold between 10 to 15 properties. The Fund target total volume including equity is up to Euro 300 million.
The Fund is open to new investors.
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ergo Kommunikation, Susanne Edelmann / +49 40 180 493 95 / susanne.edelmann(at)ergo-komm.de
About Warburg - Henderson
Warburg - Henderson KAG was founded in 2001 and is a joint venture between the renowned German private bank M.M.Warburg & CO and the British asset manager Henderson Global Investors. Warburg - Henderson is a property investment management company and so far has launched 17 property funds for German and international institutional investors. The investors are mainly insurance companies and pension funds. The assets under management amount to c. 4.1 billion Euro.
