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TH Real Estate acquires Thurrock Shopping Park in Essex

Thurrock Shopping Park

TH Real Estate has completed the acquisition of Thurrock Shopping Park in Thurrock, Essex from Hammerson Plc (Hammerson). The property was acquired on behalf of TIAA’s General Account.

The retail park comprises 274,770 sq ft (25,527 sq m) and totals 19 retail units with 1,600 car parking spaces.

Thurrock Shopping Park is located approximately 20 miles east of Central London, in the London commuter belt and boasts a catchment of 877,059 within a 20-minute drive time. The strong tenant mix includes an M&S, Asda Living, TK Maxx, Boots, Gap, Nike, Pets at Home, Decathlon, Evans Cycles and Dunelm.

As part of its retail investment strategy, TIAA seeks to acquire dominant assets in strong and sustainable locations throughout Europe and the UK, utilising TH Real Estate’s asset management capability to add value across its portfolio.

David Turner, Head of TIAA European Investment, said: “With its strong south east location, excellent tenant mix and economic fundamentals, Thurrock Shopping Park met the investment criteria of TIAA. The park offers the potential to add value through both short and long-term asset management initiatives. TIAA continues to expand its European and UK portfolio and is focused on assets, sectors and geographies identified for long-term growth and the potential to provide strong risk-adjusted returns.”

With c.£21bn invested, TH Real Estate is one of the largest investment managers in retail real estate globally, managing c.300 retail assets across the world. Although it invests across the spectrum of retail sub-sectors, it strongly favours the retail warehouse market, which continues to benefit from the convenience, destination and experience factors delivered through trading from prime out-of-town locations. It’s £1.2bn+ UK retail warehouse portfolio comprises dominant schemes across a geographically diverse portfolio, providing over three million sq ft of floor space, across more than 300 tenancies. A specialist team actively manage the portfolio to maximise returns in the face of changing retail requirements. Proprietary research and forecasting techniques are applied to each property to eliminate inappropriate risks and to enhance stock selection.

TH Real Estate was advised by Morgan Williams. Hammerson was unrepresented.

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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