TH Real Estate has formed a 50:50 joint venture with SES Spar European Shopping Centers to acquire a 50% stake in the Weberzeile shopping centre in Austria.
Financial details were not disclosed.
Located in Ried im Innkreis, a town around 60 km north of Salzburg, Weberzeile comprises 19,800 m2 of lettable retail space and 650 m2 of office space, including 775 car parking spaces. The shopping centre was built and developed by SES Spar Euro Shopping Centers in 2015. Anchored by food retailer Euro Spar, Media Markt, H&M and Müller drugstore, the asset is fully let.
'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,' said David Moese, head of investment for Austria at TH Real Estate.
In 2017, Weberzeile Shopping Centre was awarded the ICSC Regeneration Award. The parking area also offers charging stations for ebikes. TH Real Estate said that the sustainable profile of the building is in line with its Tomorrow’s World approach, which favours green buildings.