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Warburg-HIH Invest buys retail property development in France; asset acquired by TH Real Estate

Park Avenue

TH Real Estate, on behalf of Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest, previously: Warburg - Henderson), has acquired a retail warehouse park, currently under development, in the Paris Region.

TH Real Estate will be responsible for the asset management of the property. The asset was acquired, off market, from French project developer JMP Expansion for €25m.

The property is being developed in the heart of the retail zone “Les Haies – Creil St. Maximin” about 60km north of downtown Paris but well within the greater metropolitan area. The retail zone has existed at this site for over 40 years and includes more than 140 stores operated by national and international retailers. It will create a retail warehouse park, that is being developed in conjunction with the “Park Avenue Retail Park.” Upon its completion, the complex will boast over 15,000 sq m (c.161,000 sq ft) of GLA, consisting of 10 separate rental units. The park is already 87% pre let with only two vacant units remaining. Development is scheduled to complete in April 2016.

“The property development is located in the centre of the most important retail location in the region. In addition to excellent transport links, it benefits from the region's outstanding fundamentals, such as income level, employment rate and demographic structure,” said Eitel Coridaß, Managing Director of Warburg-HIH Invest and in charge of the Fund Management division.

Ara Adjennian, Retail Director, TH Real Estate, added: “In keeping with the surrounding area, this retail development aims to provide high-quality units which, not only reinforce the surrounding retail offer, but also provide the occupiers with a thriving and first class environment. The development site enjoys a superb location with excellent regional and local access. It also benefits from a very good catchment area of more than 300,000 inhabitants with strong forecasts for demographic growth.”

TH Real Estate has instructed RCG (Fabrice FUBERT) as commercial adviser, Wargny-Katz (Nicolas MASSELINE) as notary, Ashurst (Guillaume AUBATIER) as legal adviser and TURNBULL (Neil Turnbull).

The vendor was advised by White Stone (Guillaume PELATAN) as commercial advisor, France HOANG from "Jean-Marc ALEXANDRE, Olaf DECHIN, Dominique DEVRIENDT" as notary and Benoit RAIMBERT as legal adviser. 

This article 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. 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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