TH Real Estate, TPG Real Estate and Partners Group have launched a Southern Europe retail property partnership focusing on Italy, Spain and Portugal.
The venture's Southern European Value-Add mandate (SEVA) has been initially seeded with three high-quality retail assets located in Spain and Italy valued at over €250 mln, and will evaluate additional investment opportunities across Italy, Spain and Portugal.
'We are pleased to be able to use our knowledge of, and access to, the Southern Europe market to partner with two experienced investors such as TPG Real Estate and Partners Group,' said Marta Cladera de Codina, TH Real Estate's head of Iberia. 'The value-add and opportunistic venture seeks additional assets that can benefit from refurbishments, reconfigurations, and rebranding to deliver increased value,' she added.
TH Real Estate said that the venture was part of a series of investment solutions and products it was launching for global investors seeking value-add and opportunistic returns.
'As Southern European economies continue to grow and recover, we see a compelling opportunity for investment, specifically in the retail sector,' added Jay Kwan, managing director at TPG Real Estate. 'We are pleased to enter into this venture with Partners Group and TH Real Estate and look forward to working together to source and identify unique retail assets across Southern Europe.'
'The three retail assets already acquired by our joint venture are an ideal fit with Partners Group's strategy of seeking value-add investment opportunities,' commented Fabian Neuenschwander, senior vice president and co-head of real estate secondaries at Partners Group. 'We look forward to building on this strong start with our partners TPG and TH Real Estate as we expand the portfolio in Southern Europe.'
