Henderson Global Investors has sold an office building in Paris for EUR 22 mln to an unnamed investor. The 2,500 m2 building is located at 15 rue du 4 September in the second district of Paris. The property is predominantly used for offices though the ground floor is dedicated to retail.

Henderson's property business in France carried out the sale on behalf of the Warburg - Henderson Pan-Europa Fonds Nr. 1. The building was acquired by Henderson's joint venture with German private bank M.M.Warburg in September 2005.

Chris Linney, head of property, France, said: 'We were able to achieve a positive return of 8.6% per annum across the holding with a total IRR of circa 30%'.

Catella Property, in a co-exclusive mandate with Cushman & Wakefield, advised both parties on the transaction. The vendor was also assisted by the notary Wargny Katz & Associés and the law firm Gide Loyrette Nouel.

Warburg - Henderson to date launched 17 property funds for German and international institutional investors. The investors are mainly insurance companies and pension funds. The assets under management amount to close to EUR 4.2 bn at end-September 2011.