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TH Real Estate opens Florentia Village Chengdu

Florentia Village Chengdu

TH Real Estate has successfully opened Florentia Village Chengdu designer outlet mall in Chengdu, China.

The outlet represents the first authentic Italian luxury outlet centre to offer top international luxury brands in Southwest China, wholly owned and operated by foreign investment.

This is the sixth designer outlet mall operating in Greater China under Silk Road Holdings, for which TH Real Estate acts as an investment advisor. The 375,000 sq ft (35,000 sq m) property, which officially opened on 13 December, adds to TH Real Estate's growing portfolio of outlet malls.

Located conveniently in the northwest of Chengdu near highway exit G4217 (at Shijiaqiao), Florentia Village Chengdu is a 45-minute drive from Chengdu’s city centre and Chengdu Shuangliu International Airport. The mall is an hour's drive from UNESCO World Heritage Sites in Sichuan Province, such as the historical Dujiangyan Irrigation System and Mount Qingcheng . An hourly shuttle service will transport visitors between Florentia Village Chengdu and Chengdu’s Xipu metro station.

Florentia Village Chengdu will house nearly 100 premium brands from across the world, including Brooks Brothers, Furla, Calvin Klein, Lacoste, Tommy Hilfiger, Polo, Nike, Adidas, Puma, GAP, Guess, IT and Folli Follie.

The Florentia Villages are expected to generate a total turnover of US$826m through 12 million visitors in 2017. The portfolio is also expecting to welcome roughly 17 million visitors in 2018.

Chris Reilly, Managing Director, Asia-Pacific at TH Real Estate, said: "With its appealing Italian aesthetics and wide selection of luxury brands, Florentia Village Chengdu is strategically placed to cater to Chengdu’s rising middle class and capitalise on the city’s position as an economic engine of China’s southwest. As a hub for high-tech manufacturing, finance and R&D, Chengdu is one of China’s fastest growing cities. We are thrilled to continue working with our partners to find more opportunities for investors in luxury designer outlet malls."

RDM Asia (part of the Fingen Group of Italy) is managing the Florentia Village chain. The company’s 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.

Year-to-date, all the Florentia Village outlets have had a footfall of 11.4 million visitors, as of November 2017.

The Italian outlet chain was successfully launched in Tianjin, Shanghai, Foshan, Hong Kong and Wuhan. The Hong Kong and Wuhan branches were launched in January and July 2017, respectively, with a Florentia Village Chongqing location planned for opening in 2020.

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. 340612-G-MED-O-01/18

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