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TH Real Estate acquires interest in three malls | News

Escalator in shopping centre

TH Real Estate has acquired ownership interests from Brookfield Property Partners in a portfolio of three high-performing regional shopping malls through its U.S. Super Regional Mall platform.

With the acquisition, the platform has now successfully deployed the $1.35 billion in equity commitments raised. Terms of the transaction were not disclosed.

The portfolio comprises over 4.7 million sq ft of retail space located in three high-quality A+ rated super regional mall assets with average sales in excess of $700 per sq ft. Each of the malls are 98% leased and feature prominent tenants such as Apple, Macy’s, Nordstrom, Neiman Marcus, H&M, Lululemon and Forever XXI, among others, as well as restaurants and entertainment venues.

"We believe that high-quality, dominant U.S. super regional malls present a sound long-term investment given the current lack of mall construction, and the shift towards consumers seeking entertainment experiences outside the home," said Scott Kempton, Managing Director and Senior Portfolio Manager for TH Real Estate. "These three assets are high-quality dominant properties that offer unique shopping environments which incorporate diverse dining options, movie theaters, fitness facilities and other attractions that can ultimately help drive traffic and sales."

The acquisition supports TH Real Estate's goal to acquire equity interests in dominant super-regional malls and retail centers with top-tier operators and locations in dominant demographic sub-markets of major metropolitan areas. These areas have above-average household incomes and projected population growth at or above the growth rate for the United States as a whole.

TH Real Estate is the second largest investment manager of retail-based real estate globally and the fourth largest for the United States, based on AUM. The company has $41.2 billion in retail AUM globally and $19.4 billion in AUM in the United States across both equity and debt. The company’s U.S. retail equity portfolio of $11.1 billion is highly diversified across 89 investments in 40 markets.

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Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.

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. Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, 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. Please note real estate investments are subject to various risks, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her advisors.