These investors join existing investors including AMP Pearl; AMP NPI; AMP London Life and Scottish Mutual Assurance to bring the total number currently in the Fund to 13. Since its launch in July 2001, the Fund has grown from an initial portfolio of six properties with a value of £180 million ($300 million), to 15 properties worth over £550 million ($900 million) today. The final fund size is expected to be in the order of £750 million ($1.24 billion).
In November 2002, the Fund bought Kingsway Retail Park in Derby. The 100,000-sf park houses bulky goods retailers such as B&Q; Comet; Halfords and SCS. The £24.75 million ($41 million) purchase from Haslemere reflects an equivalent yield of 6.5%. In January 2003, the Fund also purchased a freehold development site in Ryden Lane, Exeter which has planning permission for 100,000 sf of bulky goods retail warehousing and associated restaurants.
Henderson was advised by its retained investment acquisition advisors Morgan Williams and Cushman Wakefield Healey & Baker.
Neil Varnham, Fund Director, said, "I am delighted to welcome the new investors into the Retail Warehouse Fund. I am particularly pleased that we have not only successfully raised a substantial amount of new equity but also managed to invest the majority of this capital in very competitive market conditions."
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