Henderson buys in Glasgow
Published: 19 October, 2010
Henderson Global Investors has bought a 44,000-sq ft mixed use site in Buchanan Street, Glasgow or £36.4m
Henderson Global Investors, on behalf of its German joint venture Warburg-Henderson, has bought a 44,000-sq ft mixed use site at 61-79 Buchanan Street for £36.4m, which represents a net initial yield of 5.4 per cent.
The property consists of three of prime retail units with offices above. The shops are let to Timberland (for 3 years), Hugo Boss (for 9 years) and USC (for 10 years); the offices above are let to Regus (also for 10 years).
Andrew Creighton, director at Henderson Global Investors, said: "This acquisition is part of our strategy of acquiring properties with good fundamentals, which provide the fund with exposure to reversionary rents and active asset management opportunities. We foresee strong demand for well configured units on Buchanan Street from international retailers and are confident that this asset will help create value for our investors”.
CBRE acted for Henderson. Cushman and Wakefield acted for the vendor, Hazelhaw Properties
