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TIAA Henderson Real Estate acquires German hybrid mall

Troisdorf Galerie

TIAA Henderson Real Estate (TH Real Estate) has acquired a hybrid mall in Troisdorf, Germany, on behalf of its Core German Retail Fund (CGRF).

Troisdorf is located on the right bank of the Rhine, close to the cities of Cologne and Bonn. The asset, acquired from HBB Gewerbebau GmbH, sits on a plot of more than 11,000 sq m on the edge of Troisdorf’s downtown pedestrian precinct. It covers a retail area of 8,740 sq m. It is anchored by Saturn, Müller and C&A.

CGRF launched in June 2014. It invests in German retail assets, comprising retail warehouse parks, superstores, hybrid malls, and town-centre shopping centres. Having raised c.€100m at first close, it remains open with a target end volume of c.€400m, and an anticipated distribution yield on the invested capital of c.5.5% per annum. The Fund has a ten year life and expected LTV of c.40-45%. A second closing for the Fund is planned for Q1 2015.

Thilo Wagner, Director of Investment Germany at TH Real Estate and Fund Manager of the Core German Retail Fund said “The Core German Retail Fund seeks assets in established, dominant locations across German metropolitan areas and medium-sized towns. Target properties have a gross rental area of at least 7,500 sq m. Asset management will play an important role in the process in order to optimise both the term of lease agreements and the tenant mix. Troisdorf Galerie represents a great addition the Fund portfolio, benefitting from a great inner-city location, combined with a high end tenant mix.” 

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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