Henderson increases Birmingham Fort stake
Published: 06 January, 2011
Henderson Global Investors has acquired a further 12.5 per cent stake in the 300,000-sq ft Birmingham Fort Shopping Park tasking its holding to 50 per cent
Henderson Global Investors, on behalf of its £1.1bn UK Retail Warehouse Fund, has acquired the additional interest from Clerical Medical and St James's Place for £26.25m showing a net initial yield of 5.6 per cent.
Michael Neal, fund manager of the Henderson UK Retail Warehouse Fund , said: “Birmingham Fort is one of the UK’s leading fashion parks and a core asset for the Retail Warehouse Fund that has performed well in 2010. Recent lettings to Republic, Foot Asylum, Frankie and Bennies and Game, together with lease re-gears concluded with Next and River Island show the strength of the trading location.”
The 300,000-sq ft Birmingham Fort is located off Junction 5 of the M6 to the north of Birmingham. Built in 1996, it provides 35 units anchored by M&S, Boots, BHS and Arcadia with 1,800 free car parking spaces.
Morgan Williams and DTZ acted for Henderson and CBRE acted for the vendor.
