Henderson Global Investors is set to secure an extension of its £575m flagship UK shopping centre fund.
The fund manager is in talks with investors about a seven to 10-year extension. As of September 2011 the vehicle had 53 unit holders. The Jersey-based property unit trust was established in July 2004 and is due to terminate in 2014.
It owns four assets including a £130m stake in Birmingham’s Bullring shopping centre, which Henderson acquired from AMP in 2005. Other assets include the 450,000 sq ft Whitefriars shopping centre in Canterbury, Kent, and Edinburgh’s St James Centre which it bought for £184m in 2006 and has earmarked for a £850m revamp.
According to the Association of Real Estate Funds, the vehicle has recorded a return of 0% over the past three months but has delivered a 5.7% return over the last year, rising to 10.5% over three years.
Over the longer term its performance suffered, only managing a -4.7% return over five years, although this is still ahead of many of its rivals, some of which have seen returns drop to -20%.
