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TIAA Henderson Real Estate sells retail warehouse in Paris, France

Ste. Geneviève des Bois

TIAA Henderson Real Estate (TH Real Estate), on behalf of the Warburg - Henderson Pan-Europa Fonds Nr. 1, has sold a retail warehouse in France. The asset, which is located in Ste. Geneviève des Bois, around 30 kilometres to the south of Paris, has been sold in line with the scheduled divestment phase of the fund. It has been acquired by Munich-based Real I. S. Investment GmbH on behalf of BGV V.

The retail warehouse asset, which opened in 2001 with a total rental area of c.8,600 sq m, is fully-let to fashion retailers Esprit and C&A amongst others. It was originally acquired for the Warburg - Henderson fund in 2004. Recent asset management initiatives include completing lease extensions for all existing tenants, extending the WAULT by several years.

Ara Adjennian, Retail Director, France, TH Real Estate, commented: “What we have achieved on this asset is a great example of TH Real Estate’s retail expertise, hands-on asset management approach and the pro-active leasing and asset management throughout the hold period.”

Georg Jewgrafow, CEO at Real I.S. AG, commented: “In this tight market we are delighted to do this attractive investment which fits perfectly into the fund strategy of the BGV V fund. The retail warehouse offers an attractive mix of retailers and therefore we do see a long-term cash flow provided for our investors.”

TH Real Estate was advised by White Stone (Guillaume Pelatan) Savills (Alexandre Boucly), Ashurst (Philippe None/ Danielle Darmon) and Wargny & Katz (Nicolas Masseline). Real I. S. Investment GmbH was advised by SBKG & Associés, Vincent Lassalle and C&C Notaires, Laurent Hosana.

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.

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