Henderson Global Investors has launched a €300m (£248m) diversified office and commercial property fund focussing on Austria.
The fund, aimed at institutional investors in Germany, Austria and Switzerland, aims to achieve an annual total return on capital of 7%.
Henderson has begun marketing the fund on behalf of its German business Warburg-Henderson KAG. The fund will be called Warburg – Henderson Österreich Fonds Nr. 2.
It plans to buy between 10-15 assets, and once geared, hopes to reach a capital of up to €300m.
Eitel Coridaß, managing director at Warburg – Henderson, said: “The Austrian real estate market is ideally suited for investors who want to diversify away from existing investments in Germany.
“Like Germany, the robust letting market – a result of the strong economy – demonstrates stability. But in addition, the proximity and close links with central Europe offer further growth drivers.”
The fund’s predecessor – Warburg – Henderson Österreich Fonds Nr. 1 – currently has capital of around €250m. Since its launch in December 2002, the fund has achieved a total return rate of 6% a year (IRR) for its investors.
The fund is now in its disinvestment phase, having already sold several office buildings in Vienna.
nathan.cross@estatesgazette.com
