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TH Real Estate sells 'N1' Shopping Centre in London on behalf of Warburg-HIH Invest

N1 Islington

TH Real Estate, on behalf of Hamburg-based Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest, formerly: Warburg -Henderson), has sold the Angel Central Shopping Centre (sometimes referred to by its former name “N1 Centre”) in London. The property was jointly owned by the two Warburg-HIH Invest’s institutional Funds - PEF 3 und ECP 1. The centre was acquired by CBRE Global Investors.

The shopping centre, which opened for business in 2002, occupies a central site in the affluent London district of Islington, situated close to Angel underground station, which connects to the Northern Line and several bus lines. Its floor area of c.14,000 sq m (c.151,000 sq ft) divides into retail units, restaurants, and leisure venues, such as a multiplex cinema and a music hall. Leading national and international brands include H&M and French Connection.

During the holding period of the investment, the annual rent revenue was increased by 13.5%. This led to a property related IRR of c.18% p.a. on Fund level over a period of c.5 years.
Martin Payne, UK Portfolio Manager at TH Real Estate, said: “Owing to its superior location in a vibrant district and its excellent transport links, Angel Central benefits from a very high footfall of c.10 million visitors annually.”

Eitel Coridass, Managing Director of Warburg-HIH Invest, added: “By pursuing a successful letting strategy and, most recently, a comprehensive re-branding, we were able to enhance the quality of the shopping centre in a sustainable way. Complemented by London’s sound investment fundamentals, this allowed us to exit the asset at an attractive price, that exceeded the original target performance for the asset.”

Warburg-HIH Invest/TH Real Estate were advised by Cushman & Wakefield and Wedlake Bell. CBRE GI was advised by CBRE.

Notes to Editors. This press release is intended for trade press only. Please do not redistribute. 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. 201500209.

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