TH Real Estate has sold a portfolio of retail property assets in Italy and Spain for €250m.

It sold two shopping centres in Italy and one in Spain to a 50/50 joint venture between TPG and the Partners Group.

The assets, in Bologna and Cosenza in Italy and Elche in Spain, were sold via TH Real Estate’s Herald retail property vehicle.

Centro Navile in Bologna is fully let to tenants including Mondo Convenienza and Maisons du Monde. 

The 25,000sqm Metropolis in Cosenza is also fully let.

TH Real Estate said the sale of the 70,000sqm portfolio was part of an ongoing disposal of assets from the Herald fund.

It recently sold its Hydrion retail park in Arlon, Belgium to Redevco.