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TIAA Henderson Real Estate sells Austrian retail centre for Warburg - Henderson

TIAA Henderson Real Estate, on behalf of its German joint venture, Warburg - Henderson, organised the sale of "Galerien Parndorf", a retail centre, in Austria.

The property was part of the Designer Outlet Parndorf, located in the Burgenland region near Vienna. The centre was sold to the Austrian Villaggio Group, owner of the “Villaggio Fashion Outlet Parndorf”. The parties have agreed not to disclose the purchase price.

The centre, which opened in 2005, has a lettable area totalling 11,595 square metres, across 41 units. It is optimally located approx. 45 kilometres to the south-west of Vienna, right next to the Autobahn A4 between Vienna and Budapest. Vienna Airport can be reached by car in a few minutes, and Vienna city centre in about half an hour. Tenants include apparel companies s.Oliver and Gerry Weber, the outdoor outfitter Northland and the outdoor and sports label Nora Sports.

David Moese, Head of Investment, Austria, TIAA Henderson Real Estate, said: "What we were able to achieve at Galerien Parndorf is a great example of our retail expertise and knowledge of local markets. We significantly increased the value of the property over the holding period of eight years, testament to the asset management initiatives employed."

Eitel Coridaß, Managing Director of Warburg - Henderson said: "We are delighted with the performance of the asset throughout the holding period. The sale of the asset took place as part of the scheduled sale phase of the fund. We are still committed to the country and continue to review investment opportunities on behalf of the Warburg - Henderson Österreich Fonds Nr. 2."

 

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.

Past performance is not a guide to future returns. 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.

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