A joint venture between Neinver and TIAA has purchased six outlet malls in Spain, Italy and Poland worth €700 mln.
Announced on the same day that rival outlet jv VIA Outlets, led by Hammerson, inked a €587 mln deal, the Neinver and TIAA transaction cements its leading position in the Spanish and Polish outlet business.
'We enjoy a very successful and collaborative relationship with TH Real Estate and adding these strategic assets to our partnership confirms the firm commitment to creating a market-leading outlet platform in Europe,' commented Carlos González, managing director of Neinver. 'We have been in the outlet business in Europe since 1996 and have established a very successful track record. We look forward to continue adding value to these assets by providing our specialist and dedicated asset management and operational skills across the whole portfolio,' added González.
The assets include three 'The Style Outlets' in the greater Madrid area (Las Rozas, San Sebastián de los Reyes and Getafe) and two centres in Italy (Vicolungo and Castel Guelfo) as well as the Factory in Poland (Poznan). The seller is the IRUS European Retail Property fund, part-owned and managed by Neinver. With an occupancy rate of 98%, the centres attracted more than 20 million visitors in recent years and exceeded €400 mln in sales.
While TH Real Estate supports the joint venture as investment advisor, Neinver manages properties for the portflio. The Spanish giant is Europe's second-largest operator of outlet malls and market leader in Spain and Poland.
'The joint venture has grown tremendously since its inception in late 2014 and is now one of the leading platforms of its kind in the European market. TIAA's capital, Neinver's outlet management expertise and TH Real Estates investment consulting capabilities create the ideal framework for future growth and strength Investment performance and optimized returns for investors,' commented Carl White, director of TIAA European Retail Investments at TH Real Estate.
'The assets acquired complement the already existing portfolio, favour our market-leading position in Spain and Poland and enable us to take a strong position in the Italian market. We are still looking for ways to further grow in Europe and diversify the portfolio,' White concluded.
