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TH Real Estate raises $550m for ERES APAC II – China Outlet Mall Fund

Florentia Village Shanghai

TH Real Estate has raised $550m in a first close for its ERES APAC II: China Outlet Mall Fund.

With capital from TIAA General Account, Allianz, Gaw Capital and a German Asset Management Company based in Frankfurt, the investors were attracted by the opportunity to acquire and gain long-term exposure to a scalable portfolio of leading designer outlet malls in China. Allianz is the majority investor, owning 30% of the platform and Gaw Capital acted as co-capital sponsor. 

Seeded with two existing assets, Florentia Village Jingjin and Florentia Village Shanghai, TH Real Estate aspires to grow the seed portfolio to c.$2bn over the next five years.  

TH Real Estate is acting as Fund Manager for the product, leveraging its expertise from an existing series of outlet mall focused strategies across the globe, having built up a $7bn global portfolio. RDM Asia (part of the Fingen Group of Italy) is managing the assets. Their expertise in outlet mall management, local market knowledge and strong relationship with international luxury brands will be important in ensuring the growth of the existing assets and successful launch of any pipeline assets. 

Chris Reilly, Managing Director, Asia-Pacific at TH Real Estate, comments: "The success of this first close demonstrates the wide appeal of our China Outlet Mall strategy, offering investors an exclusive opportunity to invest in premier designer outlet malls in China.  We have seen this niche sector continue to gain in popularity with China’s brand conscious consumers.  

"Seeded with two leading designer outlet malls, the fund has also identified a future pipeline of assets. TH Real Estate is a global leader in luxury outlet malls and investors will benefit from the team’s proven track record in this sector." 

TH Real Estate's enhanced series applies strategies that work with market cycles, use a more active asset management and repositioning approach, and/or invest in emerging sectors and locations. These strategies are designed for investors that are looking for an enhanced level of capital growth.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate 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. TH Real Estate is an investment affiliate of Nuveen, the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisers LLC,, a registered investment advisor and wholly owned subsidiary of TIAA and distributed by Nuveen Securities, LLC, member FINRA. COMP201700689 302434-MED-AN-11/18

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