TIAA Henderson Real Estate, on behalf of its Herald Fund, has sold a 23,000 m² retail park in Dreieich, Germany for approx. €52 mln.
The asset, Dreieich Nordpark, has been acquired by M&G Real Estate, the real estate fund management arm of M&G Investments, on behalf of the global real estate fund manager’s core European property strategy.
Anchored by Real and Decathlon, and located 10km south of Frankfurt, Nordpark is visited annually by around 2.5 million visitors.
TH Real Estate was advised by CBRE. Franzen Steinhardt Wehle acted as legal advisors. M&G Real Estate was represented by BNP.
Carl White, Fund Manager of the Herald Fund, TH Real Estate, said: “The sale of Dreieich Nordpark is in line with our Fund strategy, to identify and implement value-adding initiatives, and then crystallise that value by selling when investor demand is strong. Having completed a successful asset management programme over the course of the Fund’s ownership, I am pleased we have been able to dispose of the investment at an optimum time in the market cycle.”
Source: TH Real Estate