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LONDON-Henderson Investors plans to launch a £600 million ($845 million) fund specialising in the retail warehouse sector. Due to launch next month, the fund will target large, dominant parks with potential for active asset management.

To pump-prime the venture, the Pearl Assuranc and NPI funds managed by Henderson are contributing six properties worth £180 million ($254 million) including a 25% stake in the Fort shopping park in Birmingham; the Enfield retail park in north London; the Central retail park in Manchester and the Chilwell retail park in Nottingham.

Like the Hercules fund operated by Pillar Property and Equitable Life that targets the same sector, the new Henderson fund will take the form of a Jersey-registered unit trust. It will have an initial lifespan of seven years and, for tax reasons, will be open only to institutional investors.

Fund manager Neil Varnham said: ‘We believe there is significant investor demand for a sector specialist retail warehouse fund concentrating on the top end of the market. This will enable investors to gain exposure to a diversified portfolio of prime assets capable of providing excellent returns.’

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