TIAA Henderson Real Estate (TH Real Estate) has acquired a hybrid mall in the west German town of Troisdorf on behalf of its Core German Retail Fund (CGRF).
TIAA Henderson Real Estate (TH Real Estate) has acquired a hybrid mall in the west German town of Troisdorf on behalf of its Core German Retail Fund (CGRF).
Financial details were not disclosed.
The asset, acquired from HBB Gewerbebau, sits on a plot of over 11,000 m2 on the edge of Troisdorf’s downtown pedestrian precinct. It covers a retail area of 8,740 m2 and is anchored by Saturn, Müller and C&A.
Launched in June 2014, CGRF invests in German retail assets such as retail warehouse parks, superstores, hybrid malls, and town-centre shopping centres. Having raised €100 mln at first close, the fund remains open with a target end volume of €400 mln, and an anticipated distribution yield on the invested capital of 5.5% per annum.
The fund has a 10-year life and an expected loan-to-value of 40-45%. A second closing for the fund is planned for the first quarter of 2015.
