TH Real Estate acquires retail park in Rhein-Main | News
TH Real Estate, on behalf of a German retail mandate, has acquired a retail park in the Rein-Main area from PEK (Projektentwicklung Krämereck) GmbH, for an undisclosed sum.
The retail park, also known as Landskron-Galerie, opened in October 2017. The asset is well located on the outskirts of Oppenheim in the Rhein-Main region between Mainz and Bingen, and benefits from good visibility through the federal highway B9. The asset has 400 parking spaces, an electric filling station and is anchored by food retailers Kaufland, dm-drogerie markt and the shoe retailer Deichmann, on long-term leases.
Apleona Group GmbH, a leading European real estate service provider, has been appointed as the property manager.
Marcus Mack, Fund Manager, at TH Real Estate, says "Soon after its opening in October 2017, Landskron-Galerie established itself as the leading retail park in the region. Situated in a growing area, we believe the asset will provide solid growth for our investors."
Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.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. TH Real Estate is an investment affiliate of Nuveen, LLC (“Nuveen”), the investment management arm of 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.