TH Real Estate’s US regional shopping malls fund has acquired ownership interests in a portfolio of three assets from Brookfield Property Partners for $714m (€610.5m).
Earlier this week, Brookfield completed a $15.3bn cash-and-stock offer to acquire US shopping mall owner General Growth Properties (GGP) and also sold a 49% stake in a portfolio of three malls, previously owned by GGP, to CBRE Global Investors. Brookfield’s GGP acquisition was agreed in March.
TH Real Estate said it has now successfully deployed the $1.35bn in equity commitments raised for the T-C US Super Regional Mall fund following the latest deal with Brookfield.
The recently acquired portfolio comprises over 4.7m square feet of retail space located in three high-quality A+ rated super regional mall assets with average sales in excess of $700 per square foot. Each of the malls are 98% leased.
Scott Kempton, a managing director and senior portfolio manager for TH Real Estate.
“We believe that high quality, dominant US super regional malls present a sound long-term investment given the current lack of mall construction and the shift towards consumers seeking entertainment experiences outside the home.
“These three assets are high-quality dominant properties that offer unique shopping environments which incorporate diverse dining options, movie theatres, fitness facilities and other attractions that can ultimately help drive traffic and sales.”
