Aware Super has bought a 31.3% interest in the European Outlet Mall Venture (EOMV) platform to become a partner alongside Dutch pension asset manager APG and an unnamed French institutional investor.
The A$210bn (€120.6bn) Australian pension fund acquired the stake from Allianz accounts managed by PIMCO, giving it an interest in the platform that currently owns a €2.6bn portfolio of four outlet centres across the Netherlands, Austria and Italy.
The platform’s four assets, comprising 163,523sqm of retail space, include certain phases at both Designer Outlet Roermond in the Netherlands and at Austria’s Designer Outlet Parndorf, Italy’s Serravalle Designer Outlet and Castel Romano Designer Outlet.
Damien Webb, deputy CIO and head of international, Aware Super, said: “This investment is the latest milestone in our fund’s commitment to diversifying into new markets.
“By expanding our portfolio into continental Europe, we are strengthening our position as a global institutional investor and asset owner, focused on originating high-quality assets in markets with strong fundamentals.
“This partnership demonstrates our confidence in the long-term opportunities presented by the European outlet mall sector.”
Mathieu Elshout, head of European property, Aware Super, said: “The outlet retail model has proven resilient through economic cycles, with the value proposition becoming increasingly attractive during periods of consumer uncertainty.
“European outlet malls in particular represent a defensive retail segment with compelling fundamentals and track record of strong operational performance and resilience through market cycles.
“The four centres held in the EOMV platform rank among Europe’s Top 10 outlet destinations, each serving a large and diverse customer base in its catchment.”
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