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LONDON- Henderson Global Investors and Merrill Lynch Investment Managers have formed a special-purpose vehicle called the Cambridge Retail Park Limited Partnership to own and extend the 96,400-sf Cambridge Retail Park in Cambridge. Under the terms of the deal Henderson’s UK Retail Warehouse Fund will take a 50% stake in the limited partnership.

Phase I of The Cambridge Retail Park was developed by Merrill Lynch Investment Managers during 2000 and comprises six units let to Currys, PC World, MFI, Boots and Argos. Planning permission has been granted for an additional 128,300 sf in two stages. The first stage, comprising 105,000 sf, is already under construction and has been 65% pre-let to Homebase and Furniture Village. Two additional units are in solicitor’s hands and offers are being considered for the balance of the space. Construction of the remaining 23,000 sf will begin next year. The completed scheme is expected to have a value in excess of £100 million ($165 million).

Andrew Friend, Investment Manager of the Henderson Fund–which now owns 18 properties worth £700 million ($1.15 billion)–said: “The completed development will complement the existing Cambridge Retail Park and provide the prime retail warehouse offer for the city.”

Morgan Williams acted for Henderson Global Investors.

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