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TH Real Estate sells German retail park to HAMBORNER REIT AG

Gissen

TH Real Estate, on behalf of its Herald Fund, has sold a 18,000 sq m (193,750 sq ft) retail park in Giessen, Germany, for c.€32m. The asset – Westoria Gießen - has been acquired by HAMBORNER REIT AG.

Anchored by Real and Saturn, and located 4km west of the city centre of Giessen, Westoria is visited annually by c.1.8 million visitors.

Carl White, Fund Manager of the HERALD Fund at TH Real Estate, comments: "This asset is a good example of benefiting from market cycles. We acquired the property in 2010 and it has provided the Fund with strong, stable income throughout the Fund’s ownership. The investor demand for these types of property in this cycle means that we have delivered excellent income returns, boosted by favourable leverage, and also some capital growth - despite the shortening WAULT."

Kathrin Andres, Head of Retail Asset Management at TH Real Estate, Germany, adds: "A fundamental part of our strategy was to position the centre in its catchment in the best possible way, by implementing a customised branding and marketing strategy. This programme has been supported by our strong property and centre management, run by MEC METRO-ECE Centermanagement."

Disclaimer
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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