Closed Fund

European Retail Property Fund - Herald

A pan-European fund invested in all forms of retail property: retail warehouses, shopping centres and city centre retail assets.

Key facts

Target sector European retail warehouses, shopping centre retail assets
Target return 9% per annum over the life of the Fund
Fund structure Closed-ended Luxembourg Fonds Commun de Placement (FCP)
Fund term 2015 with 2+ year wind-down
Currency Euro
Fund value €235m (c.$251m)
Max gearing 60%
Fund Manager Carl White
Investment strategy

To add value through asset management initiatives and tenant engineering, and to dispose of properties at the optimal time in the market cycle. 

Responsible Property Investment (RPI) strategy

The pan-European nature of the portfolio means that regulation, legislation, climate risks, building standards, incentives and retailer expectations vary across the assets. We implement our RPI policy across the board, then focus on those managed shopping centre assets where we have most influence over sustainability performance.

Further information on TH Real Estate's RPI strategy

Global Real Estate Sustainability Benchmark (GRESB)

The Fund was awarded a GRESB Green Star in 2015, for the second year running, and was ranked 11th in its peer group of 54 European retail property funds.

Note: Target returns are not guaranteed.
Source: TH Real Estate, December 2016

Carl White

Carl White

Fund Manager

Carl's biography
As the Herald fund moves towards its maturity, a variety of extension options will be explored. At the same time, the focus is to complete asset management initiatives that really drive value creation, and to dispose of properties at the optimal time in the market cycle.
Tim Horrocks

Timothy Horrocks

Fund Director

Timothy is Head of Continental Europe and has 27 years’ experience in real estate. As Fund Director, he reviews strategies, transactions and other key matters for the Fund.

+4969667736846 More about Timothy
Carl White

Carl White

Director, General Account

Carl works on TIAA’s General Account (GA) mandate, and is responsible for managing two joint ventures invested in European retail assets.

+442037278222 More about Carl
Paul Nicholls

Paul Nicholls

Director of Asset Management

Paul is Director of Asset Management for the Herald Fund, responsible for establishing and implementing strategy on the portfolio with specific regard to maximising income, occupancy, presentation and performance of each property.

+44 (0) 20 3727 8174 More about Paul
Mark Bowker

Mark Bowker

Senior Finance Manager

Mark Bowker is the Senior Finance Manager, responsible for the European Retail Property Fund (Herald)’s structuring

+442037278118 More about Mark
Elena Rein

Elena Rein

Client Manager

Elena is a Client Manager for Herald, where her responsibilities include client reporting, responding to fund related investor queries and providing information for audit requests.

+44 (0) 203 727 8193 More about Elena