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TIAA Henderson Real Estate sells in Austria for Warburg - Henderson and buys in Germany with Palmira Capital Partners

Freising

TIAA Henderson Real Estate (TH Real Estate) has sold Centro, a retail warehouse in Wiener Neustadt, to an Austrian private investor. The asset, which was added to the Warburg - Henderson Österreich Fonds Nr. 1 portfolio in 2007, was sold as part of the Fund’s planned disinvestment phase.

TIAA Henderson Real Estate (TH Real Estate) has sold Centro, a retail warehouse in Wiener Neustadt, to an Austrian private investor. The asset, which was added to the Warburg - Henderson Österreich Fonds Nr. 1 portfolio in 2007, was sold as part of the Fund’s planned disinvestment phase.

Centro was built in 1999 and comprises a lettable area of c.7,600 sq m. Located in a business park to the South of Vienna, the property is situated in close proximity to good public transport connections, and is currently let to quality tenants including Dänisches Bettenlager, C&A and KIK.

Meanwhile, TH Real Estate and Palmira Capital Partners have acquired a logistics asset in Germany, on behalf of TH Real Estate’s German Logistics Fund (GLOF).

The parcel centre, occupied by logistics service provider trans-o-flex, is located in direct proximity to Munich Airport within the city limits of Freising. The asset was sold by a property vehicle belonging to Ariston Real Estate AG. It extends over 9,000 sq m, comprising a goods-handling warehouse in addition to a storage area and an office wing. Developed in 1990, the site also includes planning consent for a possible expansion.

It represents the 15th asset acquired for GLOF.

The purchase price was not disclosed for either transaction.

EHL Immobilien acted on behalf of TH Real Estate in Austria. In Germany, the transaction was facilitated and brokered by CREM-Consult, the law firm Graf von Westphalen, and Reag, respectively. The seller was advised by DSH GmbH, Bad Homburg, and Bernzen Sonntag, attorneys at law.

GLOF is managed via the platform of the IntReal third-party AIFM (“Service-KVG”).

David Moese, Head of Investment, Austria at TH Real Estate commented “This transaction in Wiener Neustadt is in line with our strategy for the Warburg - Henderson Österreich Fonds Nr. 1. Throughout the holding period, we were able to benefit from a great location with well-established tenants. Selling down the asset now allows us to take advantage of the current strong demand for good retail assets.”

Thorsten Kiel, Fund Manager GLOF, TH Real Estate, commented “We are delighted with the latest purchase for the Fund, which benefits from an exclusive location with direct access to both the airport and to the economically strong Munich metro area.”

Disclaimer
Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority (FCA). 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.