Henderson Global Investors has acquired three retail malls, paying £365 million ($720 million; €463 million) for the properties in one of the largest commercial property deals this year, according to a report in the Financial Times.
The deal included the Cheshire Oaks, Swindon and Bridgend shopping centers in the UK. The properties were acquired from sellers comprising the BP pension fund, AXA, Morley Fund Management and Liquid Realty.
The London-based firm has at the same time raised £181 million in equity for a new fund, UK Outlet Mall Fund, which will own the properties. The 10-year, closed-ended fund will be managed by Henderson’s Andrew Rich and is targeting an internal rate of return of 10 percent a year.
Property developer McArthurGlen will continue to manage the properties. McArthurGlen co-invested in the deal.
Last month, Henderson and the Canada Pension Plan Investment Board acquired the Whitefriars Quarter shopping center in Canterbury, UK from Land Securities. The pair paid £253 million ($518 million) for the property, acquired though HGI's Henderson UK Shopping Centre Fund. The CPP Investment Board also invested £150 million in the fund, which holds interests in four other shopping centers in the UK including Bullring in Birmingham, Buchanan Galleries in Glasgow and Princes Quay in Hull.