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TH Real Estate enhances European Outlet Mall Fund team

Andrea and Michael

TH Real Estate is growing its European Outlet Mall Fund (EOMF) team, with the appointment of Mike Blackmore and Andrea Faccio as Portfolio Managers for the company’s flagship Fund.

With over seven years’ real estate experience, Mike Blackmore is responsible for the Fund’s performance and investment analysis. Mike joins TH Real Estate from CBRE’s international team, where he was involved in numerous retail projects, including the valuation of shopping centres throughout Europe and the Middle East. He will add great value to the London-based team, having gained familiarity with the assets during his time at CBRE where he was responsible for the portfolio’s quarterly valuations.

In addition, existing TH Real Estate employee, Andrea Faccio, has recently joined the team in London. Andrea is now responsible for the asset management of the Fund, having previously managed TH Real Estate’s European Retail Property Fund’s Italian assets from the Milan office over the last five years. His experience of the Italian property market will be extremely valuable for EOMF, which owns three designer outlet malls across Italy.

The $2.3bn EOMF is made up of eight assets; in addition to the three Italian assets, there are two in Germany, one in Austria, one in Belgium and one in the Netherlands. The Fund secured a 10 year extension in Q1 2014, with c.80% of unit holders electing to continue with their investment into the new vehicle, which has a new term until 2024.

Aside from EOMF, TH Real Estate boasts a strong capability in global outlet mall investments: In the UK, it owns three assets in Swindon, Bridgend and Cheshire.

Elsewhere in Europe, TH Real Estate entered a strategic partnership with NEINVER, earlier this year, to create a leading designer outlet platform in Europe, on behalf of its client TIAA-CREF. The partnership – a 50:50 exclusive shareholders joint venture agreement -  commenced with TH Real Estate’s acquisition of a 50% stake in Roppenheim The Style Outlets, in France, and will quickly grow throughout 2015 with the agreed purchases of FACTORY Outlet Annopol in Warsaw, and FACTORY Outlet and Futura Park, in Krakow, Poland.  The joint venture will also develop out NEINVER’s flagship project Viladecans The Style Outlets, in Barcelona, Spain.

In Asia, it acts as investment advisor to ‘Silk Road Holdings’, the Singapore joint venture established to invest in and develop luxury designer outlet malls in China. Having successfully invested its seed $200m over the past two years, across three outlet mall assets, an additional $100m has recently been raised from its investors and will be invested across four further development sites in China. The current portfolio includes the iconic Florentia Village Jingjin Designer Outlet Centre, which has undergone numerous expansions, the Florentia Village Shanghai which was launched in February 2015, and the Florentia Village Guangzhou which comprises 123 stores and is set for Q2 2015 completion.

Sebastien Gorrec, Fund Manager, EOMF, TH Real Estate, commented: “I am delighted to welcome Mike and Andrea on board. Designer outlets have been one of the strongest performing real estate sectors in Europe over the past decade, and this appointment is aligned with our dedication to further build a market-leading Fund team that specialises in the outlet mall sector.”

 

 

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