TH Real Estate, on behalf of its pan-European retail Fund, Herald, has sold Hydrion retail park in Arlon (Luxembourg). The retail park was acquired by Redevco, on behalf of one of its clients, for c. €60 million. Carl White, Fund Manager at TH Real Estate, said:
„The sale of Hydrion is part of a wider divestment programme in light of the fund entering into its wind down phase. Over the past eight years, TH Real Estate has managed to improve the tenant lineup, deliver rental growth and create a digital platform to communicate with a wider customer base – all of which has ensured that Hydrion has positively contributed to the fund’s performance despite the financial crisis. I’m sure the asset will continue to go from strength to strength under new ownership.“
Suzy Denys, Director Investments at Redevco Belgium, added: „Hydrion is the dominant retail park in the region and has a wide consumer catchment area due to its location close to the Arlon junction of the main highway linking Belgium to the nearby Grand Duchy of Luxembourg. There are a number of opportunities to add value to this property through active asset management. This transaction will strengthen our position as a retail specialist.“
Hydrion was built in 2004 and is Arlon’s largest out-of-town retail destination, a five-minute (2 km) drive from the city centre. The retail park has a GLA of 33,605 sq.m (c 362,000 sq ft) on a 9.2-hectare plot of land. It comprises 42 units that are 95% occupied, alongside 900 parking spaces. The main tenants are Carrefour Market, Krëfel, Leen Baker, Sportsworld and C&A.