Netherlands-based MAB Development and Spanish outlet centre operator Neinver have signed a joint venture to cooperate on the development of Factory Outlet Centres (FOCs) in France and Germany.
Netherlands-based MAB Development and Spanish outlet centre operator Neinver have signed a joint venture to cooperate on the development of Factory Outlet Centres (FOCs) in France and Germany.
The joint venture, the two companies said, could develop up to 135,000 m2 of gross leasing area and invest about EUR 350 mln in an extendable investment period of five years. There are currently two projects under development: Honfleur The Style Outlets in Normandy and Roppenheim The Style Outlets in the Alsace region of France.
The creation of the joint venture follows an agreement in principle signed by the firms at the MAPIC retail real estate fair in Cannes last November. The pair said the joint venture would combine Neinver's knowledge of management, concept design and leasing of FOCs and MAB's expertise in development in the French and German markets.
MAB Development and Neinver will both be performing development activities for the joint venture. MAB Development will take the initiative in project acquisition, obtaining the necessary permits as well as, in cooperation with Neinver, carrying responsibility for development and project management.
Neinver's primary role will be the definition of the concept design and the leasing of the projects (layout and retail mix) in cooperation with Studio MAB. Additionally, Neinver will be responsible for all marketing related issues and asset management.
