Warburg - Henderson Kapitalanlagegesellschaft für Immobilien, Hamburg has continued its European investment program with the purchase of a further property in France.

The latest acquisition, an office building comprising 4,345 m², is located in the Paris CBD close to boulevard de Courcelles and was purchased by Warburg - Henderson for around €20m. The main tenants are Thalès, Mercuri Urval and Havas Voyages. This property represents the third Paris acquisition for the Fund, adding to the two properties purchased in October 2003 and January 2004. A fourth is in the pipeline.

The Warburg - Henderson Pan-Europa Fonds Nr. 1 was launched in July 2003 and has currently €230m invested in 11 office and retail investments in France, Germany, the Netherlands, Spain and the UK. With additional capital available for deployment across western Europe, Warburg - Henderson is planning further acquisitions in Austria, France, Germany, Italy and the UK for this year.

Warburg - Henderson specialises in the creation and management of pan-European property Spezialfonds. The company applies a professional investment process, leading-edge property research and has excellent local market access in Europe. It was founded in 2001 as a joint venture between M.M.Warburg & CO, Hamburg, and Henderson Global Investors, London. The company’s aim is to become a market leader within the next few years. Warburg - Henderson has initiated five property funds since December 2002 with German and international institutional investors.