TH Real Estate sells Austrian warehouse for €18m

TIAA Henderson Real Estate (TH Real Estate) has sold Telfspark retail warehouse in Austria to a European investor for €18.5 mln.

The 9,430 m2 asset is located in the market town of Telfs in the Innsbruck-Land district of the Austrian state of Tyrol.

It was sold on behalf of Warburg-Henderson for the company's Österreich Fonds Nr. 1 as part of its planned disposal phase. A further eight properties remain in the fund portfolio, comprising three office properties, and five retail properties.

Telfspark, built in 2008, is nearly fully let with an occupancy rate of 96%. Tenants include food retailers MPREIS and Billa in addition to a number of international retailers.

EHL Immobilien in Vienna acted on behalf of Warburg-Henderson.