Asset Management

The aim of asset management is to increase the value of the properties we manage to deliver good investment performance for our clients.

Whereas many investors and fund managers rely solely on third party support, at TH Real Estate we recognise the advantage of local representation in areas that we operate, allowing us to secure better performance for our portfolio. We apply our own experience, as well as that of our local advisors, to form asset business plans with realistic goals that can be achieved within a given time frame. We target assets with long-term potential and those where value can be added via letting, re-letting, promotion, refurbishment and redevelopment.

Fostering relationships with key tenants is one of the most beneficial practices. Continual monitoring of key information such as sales, footfall and circulation patterns in conjunction to catchment demographics and customer feedback, allows us to tailor tenant mix, marketing and PR to ensure that we achieve the full potential of each asset.

Regardless of the technology available to us, we believe there is still no substitute for going on site, where you can tune into the nuances of location, building and governing relationships. As a result, our asset management team is very well-travelled!

Paul Nicholls

Paul Nicholls

Director, Asset Management

Paul's biography
To engineer the best value from an asset, it is important to understand the geography, where the building is located, the consumers, the occupiers, the retailers and the market.
Adam Stone

Adam Stone

Senior Portfolio Manager

Adam is responsible for the management of approximately $750m of retail warehouse assets across various funds. He has been involved with several acquisitions and disposals, and has overseen key anchor lettings and developments for the UK Retail Warehouse Fund.

+442037278209 More about Adam
Andrea Faccio

Andrea Faccio

Portfolio Manager

Andrea works on the portfolio management of our $2bn European Outlet Mall Fund, which is invested in eight assets across Europe.

+442037278131 More about Andrea
Chris Pyne

Chris Pyne

Director of Shopping Centres

Chris is the Director of Shopping Centres for the UK Shopping Centre Fund. With 20 years’ retail experience, he is responsible for overseeing the asset management, development and leasing activities for the Fund.

+44 (0) 20 3727 8189 More about Chris
Christian Schoenhofer-Holler

Christian Schönhofer-Holler

Senior Portfolio Manager

Christian is the Senior Portfolio Manager in the Vienna office, responsible for property acquisitions and asset management for the Warburg-Henderson joint venture.

+43120522740 More about Christian
Faouzi Maallou

Faouzi Maallou

Portfolio Manager

Faouzi has over 15 years of property experience in the French market, with a focus on the logistics sector. He specialises in transaction, debt and asset management activities.

+33173000821 More about Faouzi
Ilan Patel

Ilna Patel

Senior Portfolio Manager

Ilna is Senior Portfolio Manager for our Central London Office Fund and has nine years’ experience in the property market, with a strong valuation and analytical background.

+442037278256 More about Ilna
James Ellis

James Ellis

Investment Manager

As Investment Manager for the European Logistics Fund, James is responsible for identifying and underwriting new acquisitions and overseeing the transaction process as the Fund targets $500m AUM.

+4969667736841 More about James
John Sharp Paul

John Sharp-Paul

Head of Portfolio Management, Asia

John is responsible for the portfolio management of our direct property platform in Asia, on behalf of international and domestic investors.

+6569140031 More about John
Katherine Friend

Katherine Friend

Head of Asset Management Retail Warehousing

With over 13 years’ real estate experience, Katherine is the Head of Asset Management on behalf of the UK Retail Warehouse Fund. She also oversees asset management initiatives on the UK Outlet Mall Partnership. As a result, she is responsible for over $1.5bn of prime dominant retail assets.

+442037278146 More about Katherine
Kathrin Andres

Kathrin Andres

Head of Retail Asset Management, Germany

With 17 years’ experience in real estate, Kathrin is responsible for asset management across the company’s growing German retail warehouse and hybrid mall portfolio.

+4969667736838 More about Kathrin
Laura Beltrametti

Laura Beltrametti

Portfolio Manager

As Portfolio Manager, Laura is responsible for the daily management of Italian assets in KAG. Prior to joining the company in 2013, Laura worked in Polis Fondi SGRpA, an Italian fund management company.

+390230315645 More about Laura
Mark Cruddas

Mark Cruddas

Senior Portfolio and Investment Manager

With 15 years’ property experience, primarily in the retail sector, Mark is a Senior Portfolio and Investment Manager.

+44 (0) 20 3727 8132 More about Mark
Marta Cladera

Marta Cladera

Head of Iberia

With over 13 years of real estate investment and management experience, Marta Cladera is Head of Iberia.

+34910507204 More about Marta
Nadia Baileche

Nadia Baïleche

Retail Portfolio Manager

With over nine years’ experience in real estate, Nadia manages a portfolio of retail properties worth over €200m. She actively works on new developments, restructuring projects and tenant engineering initiatives.

+33173000822 More about Nadia
Paul Nicholls

Paul Nicholls

Director, Asset Management

With over 20 years’ real estate experience, Paul is Director of Asset Management. He is responsible for coordinating service standards across the UK and European business.

+44 (0) 20 3727 8174 More about Paul
Peter Neal

Peter Neal

Senior Portfolio Manager

With over 11 years’ experience, Peter specialises in the Central London office investment market. He joined the company in 2010 to work in the Central London Office team, where he is now responsible for the investment and asset management function for the London component of the Cityhold Office Partnership.

+442037278173 More about Peter
Sebastien Huet

Seb Huet

Portfolio Manager

With 10 years’ real estate experience, Sebastien specialises in acquisition, asset management and disposal activities. He is focused on the office sector, with responsibility for $717m of assets in France, including the Tower Areva.

+33173000819 More about Seb
Stephan Austrup

Stephan Austrup

Head of Retail, Germany

With over 10 years’ real estate experience, Stephan is responsible for the strategic management and sourcing of investment opportunities for our German retail portfolio. He also provides investment and asset advisory services to the c.$1.1bn TIAA German Shopping Centre JV, which owns three large German shopping centres.

+4969667736882 More about Stephan
Tanja Haertel

Tanja Volksheimer

Senior Portfolio Manager

With over 12 years of real estate experience, Tanja is actively involved on the acquisition side, sourcing retail properties for TH Real Estate's Spezialfonds, focusing on core retail warehouse parks and hybrid malls.

+4969667736843 More about Tanja
Asset Map- Asia

Asia One Building Seoul South Korea

This 10 storey, 25,000 sq m office building located in Seoul, South Korea, was acquired for $37.7m in 2004, and was renovated and leased up soon after. The Fund team stabilised the vacant asset at around 95% occupancy and increased the average rent from $110 per sq m per month to $163 per sq m per month at the time of disposal. It was successfully sold to a global investment firm for $82,000 in 2009, $5,200 above valuation price, achieving an asset level IRR of 23%.

Doc Galerien

DOC Galerien

The DOC Galerien was the first outlet centre in German-speaking countries and became part of the ‘Designer Outlet Centre Parndorf’, the largest Designer Outlet Centre in Central Europe. We acquired the centre in 2006. Its 27 units range from 74 to 1,241 sq m, averaging in the region of 420 sq m, which is much larger than most outlet centres. The strategy included moving out underperforming tenants and creating more optimum-sized units. During the hold period of seven years, we have raised the rental income by 59%. This was a result of splitting and letting out the 27 units into 41 stores.

Foundry Square II

Foundry Square II

In September 2014, a joint venture between TIAA-CREF and Norges Bank Investment Management purchased Foundry Square II, a 521,555 sq ft (c.48,500 sq m), trophy-quality, LEED Platinum office building located in San Francisco’s South Financial District.

Only eight months after the acquisition, the value had increased by nearly $46m (11%). We proactively recaptured two units and re-leased them, and also restructured the lease with a significant tenant. Overall, the new terms resulted in a $23.2m increase in rental income – when comparing in-place rents at the time of purchase to new rents – over the term of the leases.

With this initiative, asset management demonstrated its ability to create exponential value in just a matter of months, and we will continue to seek ways to further enhance the performance of this property.

Asset Map- Asia

MongKok Computer Centre Hong Kong

This Hong Kong based retail asset was acquired for $96.7m in 2007. We refurbished the asset in 2009/2010 and undertook active leasing to increase occupancy from 83% to 100%, and increased the average rent from $152 per sq m per month to $287 per sq m per month, achieving a NOY yield of 5.43% in Q2 of 2012. The market-value of the asset was also increased by approximately 35.7%. It was sold for $152,000 in Q4 2012, achieving an asset level IRR of 15%.

Centro Comercial Miramar, Fuengirola

Primark lettings

Primark has recently committed to two of our shopping centres: Whitefriars Shopping Centre in Canterbury, UK and Miramar Shopping Centre in Fuengirola (Malaga), Spain. In Canterbury, the retailer is due to open its c.3,750 sq m, three-level store in 2014. It will join Marks & Spencer and Fenwick as the third anchor store at Whitefriars, a shopping centre acquired by our UK Shopping Centre Fund and the Canada Pension Plan Investment Board in 2007. Primark has also committed to a c.4,000 sq m space at the Miramar Shopping Centre in Malaga, Spain. Since purchasing the asset, our pan-European retail fund, Herald, and its Spanish partner, Grupo Myramar, have invested almost $17m into major improvements. The placement of such a well-known brand is a milestone in the centre’s repositioning strategy. Our international retail network allows us to leverage opportunities such as these, introducing tenants into a diverse range of assets across our portfolio.

Parisis Park, Franconville

Parisis Park Franconville France

Our pan-European retail fund – Herald – sold Parisis Park for c.$55m in 2013. Parisis Park is part of La Patte d’Oie, one of the most established and best performing out-of-town retail zones in the Greater Paris area. The asset is strategically located, close to major retailer IKEA, E.Leclerc hypermarket and the Quai de Marques shopping outlet. It comprises two modern buildings with a total lettable area of 8,892 sq m and is leased to well-known retail chains C&A, Sports & Loisirs, Armand Thiery and Cultura. Since acquiring the asset in 2007, the Fund delivered rental growth in excess of 5% per annum over the hold period. During this time, asset management initiatives included obtaining planning approval, pre-leasing and developing a 1,000 sq m unit for Armand Thiery.

Tuna Park, Eskilstuna

Tuna Park Galleria, Eskilstuna

We acquired this 16,400 sq m shopping centre in 2011. Eskilstuna is located in the expanding Mälarden region of Sweden, and offers extremely good connections by car and rail to Stockholm. The asset forms part of the larger Tuna Park retail area, which also includes a hypermarket, pharmacy and several other large retailers. The shopping centre comprises 55 stores and is dominated by the leading Nordic retailers such as H&M, Kappahl, Lindex and Intersport. In 2013 we successfully achieved a pre-decision to proceed with the planning process for a 6 - 8,000 sq m expansion of Tuna Park Galleria. The pre-decision is a milestone in the planning process which is estimated to be finalised during 2014, and we aim to complete the expansion by 2015/2016. During 2013, we also renegotiated more than 30 lease agreements with an average rental increase of c.13%. Together with new lettings to Body Shop, Bellbox, RUT & Circle and 3, we have increased the net operating income in line with our ambitious business plan.

Debenhams - Weavers Wharf

Weaver's Wharf, Kidderminster, UK

Since acquisition in 2006, the Fund has identified and implemented opportunities for asset management through various development and leasing initiatives including:

- Refurbishing and substantially extending a poor-performing listed Victorian mill building to create a new Debenhams department store.

- The anchor letting to Debenhams assisted in agreeing a deal with Clarks on the main retail terrace. This provided rationale for the Fund to increase rents substantially at the first round of rent reviews.

- The upper floors of the mill building were sold on a long leasehold basis to Premier Inn, improving the leisure offer and increasing sales at the existing restaurants.

- In 2012, a letting of the c.30,000 sq ft (c.2,800 sq m) Piano Building was completed to Birmingham Metropolitan College in partnership with Kidderminster College, who required the building for up to 1,000 students per year.

- Also in 2012, an under-utilised public seating area, adjacent to the river, was developed for a new Starbucks café.

- A deal to surrender the existing Brantano lease was agreed back-to-back with a new letting to Boots, that also incorporated a c.1,000 sq ft (c.100 sq m) extension to the unit.

The asset has achieved a 16.5% return during 2014.* In April 2014, the Fund received planning permission for significant development proposals that will further enhance the asset as well as Kidderminster town centre as a whole.

*Source: TH Real Estate, IPD, December 2014.

Wellington Retail Park

Wellington Retail Park

Since acquisition in 2010, several asset management initiatives have been implemented including:

- Reconfiguration of a c.30,000 sq ft (c.2,700 sq m) void unit to provide two new modern and well-configured units with additional car parking. These units were then leased to Home Bargains and Harvey’s, generating an income of c.£470,000 (c.$736,000) p.a. vs the estimated rental value (ERV) of c.£362,500 (c.$567,000) that had been placed on the original unit.

- Widening of the scheme planning consent from a part bulky goods / part Open A1 retail, to a full Open A1 non-food (including part food) permission. This facilitated a letting to M&S Simply Food that resulted in over 7% ERV growth across the main terrace, and a significant improvement in the retail offer at this location.

- Lease renewal of the Halfords unit for a new 10-year term above ERV.

- Obtaining planning consent for the development of a c.3,700 sq ft (c.345 sq m) retail terrace, partly pre-let to Costa coffee.

The asset has outperformed the Benchmark* since acquisition, achieving a 22.4% return during 2014.**

* The Benchmark is the retail warehouse component of the IPD UK Quarterly Universe.
 ** Source: TH Real Estate, IPD, December 2014.

Note: Past performance is not a guide to future performance.