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Korean retirement fund awards U.K. CRE debt mandate to TH Real Estate

by Andrea Waitrovich

TH Real Estate has been awarded a mandate to invest in the U.K. commercial real estate debt market by The Korean Teachers’ Credit Union.

The South Korea retirement fund is investing in senior loans secured on London office assets.

TH Real Estate, an investment affiliate of Nuveen, has now raised approximately £300 million ($397 million) for its Global Real Estate Debt Partners – Fund I (U.K.) investment strategy.

The new mandate with KTCU will target annual returns in the mid-5 percent range with senior loans at moderate loan-to-value ratios and targeting a five-year term.

This latest debt instruction for TH Real Estate from a Korean investor follows from the mandate for real estate whole loan investments by Dongbu Insurance Co. and Dongbu Life Co., one of Korea’s largest insurers.

TH Real Estate has a market-leading CRE debt team in the United Kingdom with origination, structuring, execution and portfolio management capabilities. The team leverages the expertise of TH Real Estate’s in-house specialist sector teams that invest equity directly in commercial real estate transactions, representing a £12 billion ($16 billion) U.K. portfolio.

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