TH Real Estate hires new portfolio managers for outlet fund

TH Real Estate is growing its European Outlet Mall Fund (EOMF) team, with the appointment of Mike Blackmore and Andrea Faccio as portfolio managers.

With over seven years’ real estate experience, Mike Blackmore will be responsible for the fund’s performance and investment analysis. He joins TH Real Estate from CBRE’s international team, where he was involved in numerous retail projects, including the valuation of shopping centres throughout Europe and the Middle East.

In addition, existing TH Real Estate employee, Andrea Faccio, has recently joined the team in London. Faccio is now responsible for the asset management of the fund, having previously managed TH Real Estate’s European Retail Property Fund’s Italian assets from the Milan office over the last five years.

The $2.3 bn EOMF is made up of eight assets; three in Italy, two in Germany, one in Austria, one in Belgium and one in the Netherlands. The fund secured a 10-year extension in Q1 2014, with around 80% of unit holders electing to continue with their investment into the new vehicle, which has a new term until 2024.

Aside from EOMF, TH Real Estate boasts a strong capability in global outlet mall investments: In the UK, it owns three assets in Swindon, Bridgend and Cheshire.

Elsewhere in Europe, TH Real Estate has recently entered a strategic partnership with Neinver to create a designer outlet platform in Europe, on behalf of its client TIAA-CREF. The partnership – a 50:50 exclusive shareholders joint venture agreement - commenced with TH Real Estate’s acquisition of a 50% stake in Roppenheim The Style Outlets, in France, and is planned to grow throughout 2015 with the agreed purchases of Factory Outlet Annopol in Warsaw, and Factory Outlet and Futura Park, in Krakow, Poland. The joint venture will also develop Neinver's flagship project Viladecans The Style Outlets, in Barcelona.