TH Real Estate sells German retail park to M&G for €52m

TIAA Henderson Real Estate's Herald Fund has announced the sale of a 23,000 m2 retail park in Dreieich, Germany for €52 mln.

The asset – Dreieich Nordpark - was acquired by M&G Real Estate, the real estate fund management arm of M&G Investments, on behalf of the global real estate fund manager’s core European property strategy.

Anchored by Real and Decathlon, and located 10 km south of Frankfurt, Nordpark is visited annually by around 2.5 million visitors.

'The sale of Dreieich Nordpark is in line with our fund strategy to identify and implement value-adding initiatives, and then crystallise that value by selling when investor demand is strong,' said Carl White, fund manager of the Herald Fund at TH Real Estate.

Simon Ellis, at M&G Real Estate, added: 'With economic growth gaining momentum and the European Central Bank’s quantitative easing programme lending further support to the economy and the real estate markets, we see a very positive environment for continued investment.'

TH Real Estate was advised by CBRE. Franzen Steinhardt Wehle acted as legal advisor. M&G Real Estate was represented by BNP.