Respectively, the acquisitions include: a 50,000-sf office building in the Parisian suburb of Levallois for $25.4 million; an 88,000-sf office building in Meerbusch/Dusseldorf for $17.8 million, and; a multi-tenant office building in Manchester, also for $17.8 million.
The building in Levallois is fully leased to the French subsidiary of the Italian pharmaceutical company Recordati and Axel Sringer France. It follows an initial acquisition in central Paris in the fall of 2003.
The Meerbusch/Dusseldorf property is an office development known as Pontis 1. The main tenants are Epson Germany, Kyocera and Sellbytel Communication Group. It is the funds first acquisition in Germany.
No more information was available on the Manchester property. It is the second UK purchase for the fund following an initial acquisition in the City of London.
Founded in 2001, Warburg-Henderson KAG is a joint venture of locally based MM Warburg & Co. and London-based Henderson Global Investors Ltd. MM Warburg's property asset management subsidiary, HIH Hamburgische Immobilien Handlung GmbH, advised Warburg-Henderson on the German acquisition and Henderson Global Investors advised on the French and UK acquisitions.
Pan-European No.1 Fund is approaching a gross size of over $634.5M. For the fund, Warburg-Henderson is continuing to seek out office and retail investments of between $25.4 million and $63 million the UK, France, Germany and Italy.
The fund is one of four started by the Warburg-Henderson joint venture in the past 12 months. The funds have attracted an aggregate of $635 million in equity. In January, the joint venture launched its first segregated fund, Pan-European Fund No. 2, which will focus on office, retail and logistic properties in France, Italy and the UK. The Investor in No. 2, Nordrheinische Ärzteversorgung, is making an equity commitment of more than $190 million. Nordrheinische Ärzteversorgung is the occupational pension fund of the North Rhine medical association.
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