Neinver fund shops in Germany with EUR 110m deal

Neinver, a leading Spanish developer, asset manager and investor, has acquired the Zweibrucken Designer Outlet in Germany from a joint venture of UK firms Kenmore Property Group and Revcap for EUR 110 mln. The property will be held in the investment portfolio of Irus European Retail Property Fund.

Opened in 2001, the Zweibrucken Designer Outlet is Germany's largest designer outlet centre, featuring 23,585 m² of retail space and 1,750 parking spaces. Following the recently completed third phase, it offers a total of 108 top brand-name shops including Versace, Tommy Hilfiger, Polo Ralph Lauren, Gant, Levis, Nike, Puma, Lacoste, Mango, Burberry, Diesel and CK Underwear. It is located on the border of France, Germany and Luxemburg, with a catchment area of over 15 million people. Neinver said 'its strategic location and strong performance were compelling reasons' for the acquisition.

Manuel Lagares, CEO/General Manager, commented: 'This acquisition ends a year in which we have successfully added assets in Italy, Spain and Poland to the fund, comprising a total of almost 95,000 m².'

Rob Brook, managing director of Kenmore, added: 'Having strategically invested in, developed and managed two phases of this dynamic German retail scheme, we have optimised its investment and asset management potential and delivered a premier designer shopping destination to the market, thereby underlining Kenmore’s core strengths and skill sets.'

Neinver will be responsible for leading the fourth phase of development, in addition to managing the entire complex - which will have a total surface area of 27,200 m² comprising up to 140 shops.

King Sturge acted on behalf of Kenmore Property Group and DTZ advised Neinver.