Texas pension fund acquires U.K. asset
AEW Europe has acquired Festival Place in Basingstoke, England, a 1.1 million-square-foot shopping center in Hampshire, from TH Real Estate. The acquisition is on behalf of a partnership between AEW Europe and the Teacher Retirement System of Texas.
Festival Place is a dominant town center retail project with more than 200 tenants, including Debenhams, Marks & Spencer, Next, Apple, H&M, Zara, and New Look. There is also a 10-screen Vue multiplex cinema and approximately 20 restaurants, including Ask Italian, Pizza Express, Wagamama, Costa, Gourmet Burger Kitchen, Giraffe and Nandos.
AEW Europe has been steadily building its retail assets under management during the course of this year. Recently, with its partner China Investment Corp., AEW Europe acquired a 10-property retail portfolio from CBRE Global Investors for $1.4 billion.