TH Real Estate Launches €250M Logistics Asset Fund

19 October 2016 – Expansión

The management company TH Real Estate, which owns a dozen properties in Spain, including the Islazul shopping centre, has launched its second investment fund, which will be fully dedicated to the purchase of logistics assets in Spain, France, The Netherlands and Italy.

This fund, known as the EI European Logistics Fund (EIof) has already secured more than €200 million in funding since its launch in March. The objective is to raise €250 million by the end of the year. “Current investors include pension funds, insurance companies and banks, amongst others, which comprise a group of between eight and ten investors”, say sources at the management company.

The objective of EIof is to create a portfolio of around €400 million with assets located in the aforementioned four countries. “Following the close of this new vehicle, we are now active in the Spanish market looking for opportunities in the logistics segment, where we already manage more than 40,000 sqm of space”, said Marta Cladera, the new Director of Business at TH Real Estate for Spain and Portugal, who was appointed on 13 October.

From its office in Madrid, TH Real Estate manages a portfolio in Spain worth more than €1,000 million and the jewel in its crown is the Islazul shopping centre. Located in the neighbourhood of Carabanchel, it is one of the most iconic establishments in the country, with a retail surface area of 90,000 sqm. TH acquired the property in 2014 for €232 million, and whereby starred in one of the operations of the year.

In addition, the management company owns shopping centres in Getafe (Madrid), Sevilla, Fuengirola and Vigo and a logistics platform in Madrid. In August, the firm divested the L’Aljub shopping centre in Elche, which it sold along with two shopping centres in Italy for €250 million.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake