TH Real Estate, the management firm owned by TIAA, has completed the sale of three retail assets in Italy and Spain for a combined price of more than €250 million.
The three properties, which total more than 760,000 square feet, were sold on behalf of TH Real Estate’s Herald (Henderson European Retail Property Fund) vehicle. The firm said the three sales were part of Herald’s ongoing disposal program from its Crown portfolio.
The buyer was a 50/50 joint venture established between San Francisco-based private equity investment firm TPG Capital and Zug, Switzerland-based private equity investment firm Partners Group on behalf of private clients.
Two properties are located in Bologna and Cozenza, in Italy. Bologna’s Centro Navile is a fully let retail park that includes principal tenants such as Mondo Convenienza, UniEuro, Maisons du Monde and Kiabi. While Cozenza’s Metropolis shopping center is also fully let and is anchored by IperSpar, Media Markt and Pittarosso. It was refurbished in 2014.
The Spanish asset is retail park L’Aljub, located in the city of Elche, in eastern Spain, and has major tenants including Primark and Inditex.
CBRE, Norton Rose and Uría Menéndez advised TH Real Estate on the transaction, while Freshfields advised the joint venture between TPG Capital and Partners.
Last week, TH Real Estate announced it had completed a first close on €500 million on its latest European vehicle, European Cities Fund (ECF). The fund was launched in March and took just three months to hit a first close. The firm is targeting between €3 billion and €5 billion.
In June, TH Real Estate acquired the Thurrock Shopping Park, based just outside London, for £93 million ($137 million; €120 million). The deal for the 274,000 square foot site was made on behalf of TH Real Estate’s TIAA General Account.
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