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TH Real Estate sells German retail park to M&G Real Estate


TIAA Henderson Real Estate (TH Real Estate), on behalf of its Herald Fund, has sold a 23,000 sq m retail park in Dreieich, Germany for c.€52m.

The asset – Dreieich Nordpark - has been acquired by M&G Real Estate, the real estate fund management arm of M&G Investments, on behalf of the global real estate fund manager’s core European property strategy.


Anchored by Real and Decathlon, and located 10km south of Frankfurt, Nordpark is visited annually by around 2.5 million visitors.


TH Real Estate was advised by CBRE. Franzen Steinhardt Wehle acted as legal advisors. M&G Real Estate was represented by BNP.


Carl White, Fund Manager of the Herald Fund, TH Real Estate, said: “The sale of Dreieich Nordpark is in line with our Fund strategy, to identify and implement value-adding initiatives, and then crystallise that value by selling when investor demand is strong. Having completed a successful asset management programme over the course of the Fund’s ownership, I am pleased we have been able to dispose of the investment at an optimum time in the market cycle.”


Kathrin Andres, Head of Retail Asset Management, Germany, added: “What we have achieved at Dreieich Nordpark is a great example of TH Real Estate’s retail expertise and knowledge of local markets. Following a branding exercise at the centre, we were able to work closely with Decathlon to establish the brand in the Rhine main region, repositioning the asset and successfully increasing footfall.”


Commenting, Simon Ellis, at M&G Real Estate, said: “With economic growth gaining momentum and the European Central Bank’s quantitative easing programme lending further support to the economy and the real estate markets, we see a very positive environment for continued investment. Balance this with the large weight of capital for prime assets and prices are likely to continue to strengthen, given the limited supply. Investor appetite remains strong for core, well leased assets of this nature.”

This document is intended solely for the use of professionals and is not for general public distribution.

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority.TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. Past performance is not a guide to future returns. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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