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TH Real Estate sells portfolio of three assets from its Crown Portfolio to TPG Capital and Partners Group


TH Real Estate, on behalf of Herald (the Henderson European Retail Property Fund), has completed the disposal of three assets located in Spain and Italy for a combined price of c.€250m. The properties were sold to a 50/50 joint venture established between TPG Capital and Partners Group on behalf of their clients. The properties are located in Bologna and Cosenza in Italy, and Elche in Spain and have a total floorspace of approximately 70,000 sq m (753,474 sq ft). The sale is part of Herald’s ongoing disposal program and follows the recent sale in Belgium to Redevco.

Centro Navile in Bologna is a fully let retail park that includes Mondo Convenienza, UniEuro, Maisons du Monde and Kiabi as principal tenants. Metropolis is a fully let, 25,000 sq m (269,098 sq ft) shopping centre located in Calabria in the south of Italy that is anchored by IperSpar, Media Markt and Pittarosso and was refurbished in 2014. L’Aljub in Elche is in the Valencian Community and includes Primark and the Inditex group as key tenants.

CBRE, Norton Rose and Uría Menéndez advised TH Real Estate, while Freshfields advised the buyers.

Carl White, Fund Manager at TH Real Estate, said: "The sale of these three assets is the next part of the divestment programme in light of the fund entering into its wind down phase. It is testament to the asset management team at TH Real Estate that all three of these properties have experienced consistent turnover growth and are largely fully let to excellent retail brands. Over the Fund’s ownership period, the assets have benefited from refurbishments, reconfigurations and rebranding exercises – all of which have served to deliver increased value for investors."

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. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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