TH Real Estate has invested £93m (€120.1m) for TIAA in a UK retail property asset.

UK REIT Hammerson sold the Thurrock Shopping Park in Essex at a net 5.3% yield.

TH Real Estate said it bought the property for TIAA’s general account.

David Turner, head of TIAA European Investment, said: “With its strong south-east location, excellent tenant mix and economic fundamentals, Thurrock Shopping Park met the investment criteria of TIAA.”

The park, he said, offers potential to add value through short and long-term asset management initiatives. 

“TIAA continues to expand its European and UK portfolio and is focused on assets, sectors and geographies identified for long-term growth and the potential to provide strong risk-adjusted returns,” he said. 

Hammerson bought the 274,770 sq ft centre in 2012 for £64m (€81.4m). 

Ownership of a 26-acre site is being held by Hammerson for development, with planning consent for 320 residential units and 7,600sqm of retail and leisure.

David Atkins, Hammerson chief executive, said: “Thurrock has shown excellent returns during our ownership, and this transaction provides a good opportunity to crystallise a £26m profit on cost, with further upside expected from the retained development opportunity.”