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TH Real Estate, TPG Real Estate, and Partners Group launch Southern Europe retail partnership

Metropolis

TH Real Estate, TPG Real Estate and Partners Group announced the formation of the Southern European Value-Add mandate (SEVA), an investment vehicle focused on retail investments in Southern Europe on behalf of their clients. SEVA has been initially seeded with three high-quality retail assets located in Spain and Italy valued at over €250m, and will evaluate additional investment opportunities across Italy, Spain and Portugal.

“We are pleased to be able to use our knowledge of, and access to, the Southern Europe market to partner with two experienced investors such as TPG Real Estate and Partners Group,” said Marta Cladera de Codina, TH Real Estate’s Head of Iberia. “The value-add and opportunistic venture seeks additional assets that can benefit from refurbishments, reconfigurations, and rebranding to deliver increased value.”

“As Southern European economies continue to grow and recover, we see a compelling opportunity for investment, specifically in the retail sector,” said Jay Kwan, Managing Director at TPG Real Estate. “We are pleased to enter into this venture with Partners Group and TH Real Estate and look forward to working together to source and identify unique retail assets across Southern Europe.”

"The three retail assets already acquired by our joint venture are an ideal fit with Partners Group's strategy of seeking value-add investment opportunities," commented Fabian Neuenschwander, Senior Vice President and Co-Head of Real Estate Secondaries at Partners Group. "We look forward to building on this strong start with our partners TPG and TH Real Estate as we expand the portfolio in Southern Europe."

This exciting venture is part of a series of investment solutions and products TH Real Estate is launching for global investors seeking value-add and opportunistic returns. This series will be complementary to its core-focused Global Cities Series and will enable sophisticated investors to deliver higher target returns through asset repositioning, identifying improving locations and awareness of market cycles.

TH Real Estate is one of the world’s largest retail real estate investors with over €28bn of retail assets globally. This includes a retail portfolio of c.€2.3bn across Italy, Spain and Portugal, where its holdings include a range of shopping centres, high street units, retail parks and outlet malls.

TPG Real Estate, the dedicated real estate investment platform of global alternative asset firm TPG, focuses primarily on investments in real estate-rich companies, property portfolios, and select single assets located in North America and Europe. The platform’s investments in Europe include P3 Logistic Parks, a pan-European logistics operating company focused on managing, leasing, and developing logistics warehouses, TriGranit, a fully integrated real estate platform that focuses on quality retail assets and office buildings across Central Europe, and Merin BV, one of the largest commercial real estate platforms in the Netherlands.

Partners Group is a leading global private real estate investment manager with €8bn in assets under management in private real estate as of 30 June 2016. The firm invests through dedicated local teams around the globe and focuses on value creation opportunities in the retail, office, industrial and residential property markets. To-date, the firm has invested more than $3bn in real estate secondaries investments globally on behalf of its clients.

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. COMP201600392

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