The new vehicle was devised by integrating in its initial portfolio three assets of the first order located in Spain and Italy, with a global value of 250 million euros. The objective is to reach a portfolio worth 700 million within approximately one year, with more than 450 million available now to invest in the Portuguese, Spanish and Italian markets.
According to an official source, various opportunities are currently under analysis in these three countries, with a focus on opportunist investments with the potential for the creation of added value.
“As the economies of Southern Europe continue to grow and recover, we are able to observe excellent opportunities for investment, especially in the retail sector,” says Jay Kwan, Managing Director of TPG Real Estate. “We are very pleased to have initiated this partnership with the Partners Group and THG Real Estate and we are keen to work together in order to identify and create exclusive retail assets throughout Southern Europe”.
This new joint venture has come about among a number of solutions and investment products which TH Real is currently launching for global investors who seek higher returns through opportunist value-added investments. SEVA will be thus complementing its core range of investment vehicles, the Global Investment Series, “and this will permit more sophisticated investors to deliver higher returns to their participants by way of the repositioning of assets, identifying the best locations and a knowledge of market cycles”.
The Participants:
TH Real Estate is one of the largest investors in retail real estate at a global level, with more than 28.000 million euros in assets, including a portfolio of assets in Italy, Spain and Portugal, estimated to be worth 2.300 million euros, made up of either commercial centres, single shops, retails parks or outlet centres.
TPG Real Estate is the real estate platform managing globally alternative TPG assets, focused especially on companies holding large real estate portfolios, with broad budgets and a large number of individual assets in North America and Europe.
A private manager of real estate investments on a global level, Partner Group has managed real estate assets of more than 8.000 million euros, and invests through its local teams in various parts of the world, focusing opportunities for the creation of value in retail sectors, offices, industrial and residential. To date, more than 2100 million euros has been invested on behalf of their clients in secondary assets on a global scale.