TH Real Estate sells in Austria and buys in Germany

TIAA Henderson Real Estate (TH Real Estate) has sold Centro, a retail warehouse in Wiener Neustadt, to an Austrian private investor for an undisclosed amount.

The asset, which was added to the Warburg-Henderson Österreich Fonds Nr. 1 portfolio in 2007, was sold as part of the fund’s planned disposal phase.

Centro was built in 1999 and comprises a lettable area of 7,600 m2. Located in a business park to the south of Vienna, the property is currently let to quality tenants including Dänisches Bettenlager, C&A and KIK.

Meanwhile, TH Real Estate and Palmira Capital Partners have acquired a logistics asset in Germany, on behalf of TH Real Estate’s German Logistics Fund (GLOF).

The parcel centre, occupied by logistics service provider Trans-o-flex, is located close to Munich Airport within the city limits of Freising. The asset was sold by a property vehicle belonging to Ariston Real Estate. It extends over 9,000 m2, comprising a goods-handling warehouse in addition to a storage area and an office wing. Developed in 1990, the site also includes planning consent for a possible expansion.

The purchase price was not disclosed for either transaction.

EHL Immobilien acted on behalf of TH Real Estate in Austria. In Germany, the transaction was facilitated and brokered by CREM-Consult, law firm Graf von Westphalen, and Reag, respectively. The seller was advised by DSH GmbH, Bad Homburg and law firm Bernzen Sonntag.

GLOF is managed via the platform of the IntReal third-party AIFM.