Henderson has completed equity raising for its second core Austrian fund and invested 35% of the capital. The joint venture Warburg-Henderson KAG beat its €175m target by €5m. The diversified fund focuses on retail but will buy offices in Vienna.
It targets a 7% total return and has bought high-street retail, a retail warehouse in Vienna, another retail warehouse in Furstenfeld and two shopping centres, in Spittal an der Drau and Linz. The fund uses gearing and Clemens Rupler, head of property investment in Austria, expects it to be fully invested by the end of 2013.