- TH Real Estate sells three assets in Italy and Spain from its Crown Portfolio to TPG Capital and Partners Group for €250m
Date: 01 Aug 2016
TH Real Estate, on behalf of Herald (the Henderson European Retail Property Fund), has completed the disposal of three assets located in Spain and Italy for a combined price of c.€250m. The properties were sold to a 50/50 joint venture established between TPG Capital and Partners Group on behalf of their clients. The
properties are located in Bologna and Cosenza in Italy, and Elche in Spain and have a total floorspace of approximately 70,000 sq m (753,474 sq ft). The sale is part of Herald's ongoing disposal program and follows the recent sale in Belgium to Redevco.
Centro Navile in Bologna is a fully let retail park that includes Mondo Convenienza, UniEuro, Maisons du Monde and Kiabi as principal tenants. Metropolis is a fully let, 25,000 sq m (269,098 sq ft) shopping centre located in Calabria in the south of Italy that is anchored by IperSpar, Media Markt and Pittarosso and was refurbished
in 2014. L'Aljub in Elche is in the Valencian Community and includes Primark and the Inditex group as key tenants.
CBRE, Norton Rose and Uría Menéndez advised TH Real Estate, while Freshfields advised the buyers.
The Elche property.