On the same day as announcing an investment in six outlet centres, Neinver and TIAA have inked a deal to purchase the 55,000 m2 Nassica Retail & Leisure Park in Madrid for an undisclosed sum.
Located in Getafe, immediately adjecent to the joint venture's recently acquired outlet asset, the retail and leisure park is a 'full-price' shopping venue with 46 retail and lifestyle tenants including a multiplex cinema and multiple bars and restaurants.
'The acquisition expands our successful European joint venture with Neinver and TIAA,' commented Carl White, director of European Retail Investments at TH Real Estate. 'Spain has undergone considerable economic reforms that have put it in a good position to continue outperforming the Eurozone in terms of growth over the medium term.'
'The acquisition was of great strategic importance, given our ongoing negotiations to acquire the adjacent Getafe: The Style Outlets, which has now successfully concluded. It provides us with an incredibly rare opportunity to provide customers with a compelling retail, dining and leisure experience in one of the best cities in Europe,' added White.
Acquired from a joint venture between investment firm KKR and Neinver, Nassica attracts over six million visitors per year. Neinver, which originally developed the property, will continue to have a stake in the asset and remains the property manager. TH Real Estate acted as investment advisor for the transaction.
The park is anchored by brands including Carrefour, Media Markt, Conforama, Toys R Us and C&A and has a direct link with the adjacent outlet centre.
