TH Real Estate holds $550m first close

TH Real Estate has raised $550 million in a first close for its ERES APAC II: China Outlet Mall Fund. IREN reported the fund launch last week.

With capital from TIAA General Account, Allianz, Gaw Capital and a German asset management company based in Frankfurt, the investors were attracted by the opportunity to acquire and gain long-term exposure to a scalable portfolio of leading designer outlet malls in China. Allianz is the majority investor, owning 30 percent of the platform and Gaw Capital acted as co-capital sponsor.

Seeded with two existing assets, Florentia Village, Jingjin; and Florentia Village, Shanghai, TH Real Estate aims to grow the seed portfolio to $2 billion over the next five years.

TH Real Estate is acting as fund manager for the product, leveraging its expertise from an existing series of outlet mall–focused strategies across the globe, ha