Spanish privately-owned developer Neinver has launched the IRUS European Retail Property Fund, the 'largest pan-European private real estate fund to be sponsored and managed by a Spanish entity'. The fund will have an estimated gross asset value of EUR 1.4 bn, which includes EUR 480 mln of equity commitments.
Spanish privately-owned developer Neinver has launched the IRUS European Retail Property Fund, the 'largest pan-European private real estate fund to be sponsored and managed by a Spanish entity'. The fund will have an estimated gross asset value of EUR 1.4 bn, which includes EUR 480 mln of equity commitments.
IRUS will target outlet centres and retail warehouses. It will initially take over all six of Neinver's outlet centres: three Spanish retail areas (Factory Madrid Las Rozas, Sevilla Aeropuerto and Factory Getafe Madrid), a Portoguese outlet (Factory Vila Do Conde in Porto), a factory outlet in Poland (Factory Warszawa Ursus) and Parco Commerciale Vicolungo in Italy.
These acquisitions will provide the fund with some 360,000 m2 of retail under management within the first four years. Afterwards, IRUS will focus on Neinver's future development pipeline, the firm has said in a press release. The new fund, dedicated to European institutional real estate investors, has already attracted international groups such as Arlington Securities, CB Richard Ellis, Schroeder, the Finnish pension fund Keva and the Danish Sparinvest, news agency Reuters reported.
The retail-focused group believes that this move will contribute 'to shape the future of retail funds in Europe', and position Neinver as a key player and consolidating its leadership in Spain and Poland. 'The establishment of the fund will allow Neinver to position itself as one of the leading pan-European real estate operators in both the outlet and retail sectors as a whole,' Neinver's managing director Manuel Lagares stated.
Bank Credit Suisse Securities acted as placement agent for the fund whilst Kremer Associes & Clifford Chance acted as legal advisors.
Neinver pioneered the first outlet centres in Spain and Poland under the Factory brand. It focuses on the development and management of business parks, offices, shopping and leisure malls, outlet centres, logistics parks and industrial assets.
The group is active in Spain, Italy, Switzerland, Portugal, and the Check Republic. Neinver is most active in Poland at present, with investments in five retail centres. At the end of January, Neinver started construction of a EUR 125 mln mall in the country.
