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TH Real Estate acquires 50% stake in Weberzeile Austria
TH Real Estate has agreed to enter into a 50:50 joint venture partnership with SES Spar European Shopping Centers, and acquired a 50% stake in the Austrian shopping centre Weberzeile.
Weberzeile comprises 213,125 sq ft (19,800 sq m) lettable retail space, and 6,996 sq ft (650 sq m) office space, including 775 car parking spaces. The shopping centre was built and developed by SES Spar Euro Shopping Centers in 2015. It is centrally located in the Austrian city of Riem, and situated a short walk from the old city centre and the train station. Anchored by food retailer Euro Spar, Media Markt, H&M and Müller drugstore, the asset is fully let.
David Moese, Head of Investment, Austria, at TH Real Estate, comments: "We are very pleased to have closed this strategic partnership together with SES Spar Euro Shopping Centers and look forward to working together. We believe that the asset Weberzeile will deliver solid returns for our investors going forward. The core shopping centre benefits a good tenant line up, excellent visibility and from a strong local catchment."
In 2017, Weberzeile Shopping Centre was awarded the ICSC Regeneration Award. The award is based on good energy efficiency in the centre, its close cooperation with the local community and helping to keep the city centre vibrant. In addition, the parking area offers charging stations for ebikes. The sustainable profile of the building is in line with the TH Real Estate's tomorrow’s world approach.
In Austria, TH Real Estate manages a €804 million real estate investment portfolio of 16 assets.
Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, London EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.