Henderson fund diversifies with new acquisitions

Henderson UK Property Unit Trust has announced £80m of new UK purchases. The fund, which currently has approximately £830m worth of assets under management, has been taking advantage of the subdued markets with a string of acquisitions across the country, including the fund’s first hospital purchase.

BMI Harbour Hospital located in Poole, Dorset, was acquired by the fund for a price of £23m. The property fit into the fund’s pattern for long-term investment, with the fixed yearly rental increase of 2.5 percent compound rate on rents up until 2033 making the property fairly inflation-safe.

Another notable purchase comes in the form of Manchester’s the Zenith office building. Formerly known as The Post Office building, the 66,000 sq ft property was purchased off-market for a price of £24.4m and is currently 60 percent let.

“We are delighted to have been involved in this unique off market opportunity in the Manchester core, a city which we perceive to be one of strongest UK financial centres, outside of London,” explained Marcus Langlands Pearse, co-fund manager for the Henderson UK Property Unit Trust.

Knight Frank acted on behalf of Henderson for both purchases.