TIAA Henderson Real Estate's German joint venture Warburg - Henderson has sold the Galerien Parndorf retail centre in the Burgenland region near Vienna, Austria for an undisclosed amount.
TIAA Henderson Real Estate's German joint venture Warburg - Henderson has sold the Galerien Parndorf retail centre in the Burgenland region near Vienna, Austria for an undisclosed amount.
The centre, part of the Designer Outlet Parndorf, was sold to the Austrian Villaggio Group, which also owns the adjoining outlet.
Opened in 2005, the scheme has a lettable area of 11,595 m2 across 41 units, with tenants including apparel companies s.Oliver and Gerry Weber, outdoor outfitter Northland and outdoor and sports label Nora Sports.
'We significantly increased the value of the property over the holding period of eight years, testament to the asset management initiatives employed,' commented David Moese, head of Investment, Austria, TIAA Henderson Real Estate.
Eitel Coridaß, managing director of Warburg - Henderson added: 'The sale of the asset took place as part of the scheduled sale phase of the fund. We are still committed to the country and continue to review investment opportunities on behalf of the Warburg - Henderson Österreich Fonds Nr. 2.'