Henderson buys Cambridge shops and flats scheme for £33.16m

 

Henderson Global Investors has bought Christ’s Lane, a prime high street retail and flats complex in Cambridge, from Land Securities, for £33.16m, reflecting a 5.25% net initial yield.

 

Henderson has bought the asset on behalf of its German joint venture – Warburg-Henderson KAG.

The scheme, which comprises of 61,000 sq ft of shops and 15 apartments, houses fashion and home ware brands including Zara, H&M, Bank, Starbucks, Fired Earth/AGA and Feather and Black.

Jamie Johnson, fund manager at Henderson Global Investors, said: “This transaction represents a key part of our investment strategy and is consistent with our wider business plan.

 

“The block offers well specified and well configured modern retail units in a historic city centre.  Retailer demand for Cambridge remains strong and therefore we are confident of achieving secure long term growth prospects.

“We remain confident on the outlook for good quality high street retail blocks in prime areas across the UK and will continue to make acquisitions of this nature where our key return criteria are met and where we are confident that the investment will outperform for our investors.”

Henderson completed £300m of transactions for Warburg-Henderson in the UK in 2010.

MMX Retail acted on behalf of Henderson and Griffiths Eccles on behalf of Land Securities.

 

paul.norman@estatesgazette.com

 

To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.