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Case Study

A portfolio valuation to support the successful refinance of the flagship TIAA Henderson Real Estate UK Retail Warehouse Fund

​In March 2015, JLL's Retail & Leisure Valuation team provided a consortium of banks, led by Wells Fargo, with a valuation and report of the flagship TIAA Henderson Real Estate UK Retail Warehouse Fund. The instruction resulted in TIAA Henderson successfully refinancing the portfolio with a new long term facility. Other lenders within the consortium included Aareal Bank and Helaba.

The UK Retail Warehouse Fund comprises a portfolio of 14 well located, dominant retail warehouse schemes let to a range of recognised retail brands including the likes of T K Maxx, Marks & Spencer, Boots, Currys, Argos, Next, Matalan, Sainsbury's, B&Q and New Look. The portfolio has attractive property fundamentals, with low vacancy, long unexpired income and a diverse range of uses. The fund has an aggregate capital value in excess of £1bn.

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