Henderson Global Investors Announces Successful Closing of Multi-Family Housing Fund

Business Wire, Nov 19, 2007

Targeted $585 Million Value-Add Apartment Portfolio

CHICAGO -- Henderson Global Investors, the independent investment manager with $123.5 billion under management, has announced the final closing of its CASA IV Fund. The fourth in Henderson's series of US multi-family housing funds, CASA IV has raised $205 million in equity from institutional investors, including four US public funds and one corporate pension plan. The CASA IV Fund has acquired four apartment assets to date, and anticipates acquiring investing a majority of the remaining capital during 2008. CASA IV is expected to reach a total gross size of approximately $585 million, utilizing a maximum of 65% leverage.

Henderson's CASA Fund Series has a 15-year performance history in the multi-family housing sector and has consistently exceeded benchmark returns. The CASA Funds' value-add investment strategies include financing acquisitions with municipal bonds exempt from federal, and, in some instances, state income tax. Tax-exempt bonds are issued for the development of market rate housing that also targets workforce housing. A percentage of the development financed by these bonds is reserved to comply with a required affordability component. Henderson Global Investors currently manages $1.6 billion in tax-exempt bond financed properties.

Another value-add investment strategy utilized by the CASA Fund Series, is acquiring and managing assets via Henderson's Manager of Partners (MOP) Program. The MOP Program employs a discrete, defined process to evaluate joint venture operating partners on a qualitative and quantitative basis. The MOP Program combines the specialized, entrepreneurial skills found in real estate operating companies with the discipline and structure of institutional investors. Henderson currently manages $460M in total MOP Program investments, $74M of which are in the CASA Funds, including rehabilitation/ repositioning opportunities.

"Each of the assets acquired to date by CASA IV is financed with tax-exempt bonds, mirroring the successful investment strategy pursued for CASA I, CASA II and CASA III," said Jay Martha, Director of Property Portfolio Management at Henderson Global Investors. "In addition, CASA IV pursues a value-enhancement investment strategy through a property repositioning approach, including the MOP Program, which has also been successful in other CASA Funds. Although we are currently in the first phase of the portfolio construction for CASA IV, our initial acquisitions provide immediate geographic diversification for the Fund. We estimate a total of 15 to 20 assets in the final portfolio once the investment phase is complete."

The first four properties in the CASA IV Fund are:

* The Burlington - Minneapolis

* The Mansion - Kansas City

* Glenlake Club - Chicago

* Vista Pointe - Los Angeles

Tax-Exempt Bond Financing

Tax-exempt bond financing for apartments arose out of the desire of municipalities to foster home building targeted at middle-income residents. The local government issues tax-exempt bonds in order to provide below-market financing for such developments. In return, housing developers agree to set aside a certain percentage of units for renters with incomes below a ceiling that is based on the median income for that area. These units are often considered part of the workforce housing supply.

These apartment developments typically share the physical characteristics and amenities of other core apartment properties and are often indistinguishable from neighboring multifamily properties. When a developer sells the apartment asset, the bonds and the unit set-asides can remain attached to the property or in some cases, be terminated.

About Henderson Global Investors

Henderson Global Investors is an investment management company, providing a wide range of investment products and services to institutions and individuals in Asia, Europe and North America. Henderson manages over $123.5 billion (as of June 30, 2007) in assets and employs over 900 people worldwide.

About Henderson's Property Team

Henderson Global Investors has been managing property investments for more than four decades and has over $24 billion in direct real estate assets and property securities under management globally (as of June 30, 2007). The property team comprises over 200 employees in offices throughout the world. The institutional property business manages commingled funds, separate accounts and funds of funds offering core, value-added and opportunistic returns. Henderson invests in property across all commercial sectors, as well as managing funds with sector specialist and/or regional themes.

This press release may include information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. The information provided in this report is for educational and illustrative purposes only and should not be constructed as giving investment advice.