Spanish outlet operator Neinver has taken over MAB Development’s 50% stake in the joint venture the two companies launched in 2010 for the development of designer outlet centres in Germany, France and the Netherlands.
Spanish outlet operator Neinver has taken over MAB Development’s 50% stake in the joint venture the two companies launched in 2010 for the development of designer outlet centres in Germany, France and the Netherlands.
Under the deal, Neinver takes over all ongoing projects and the pipeline in the three countries. The decision strengthens the Spanish company’s strategy of becoming the leading outlet operator in Europe through key growth markets.
For its part, Neinver said it is dissolving the joint venture following parent group Rabo Real Estate's decision in May 2013 to phase out its commercial real estate development division.
Under the joint venture, Neinver and MAB opened Roppenheim The Style Outlets in the Alsace region of France near the German border in April 2012. The two companies also announced plans last year to develop an outlet centre in Halfweg near Amsterdam in the Netherlands. The scheme is set to arise in SugarCity, a former sugar factory which is being redeveloped by Cobraspen. Part of the complex has already been redeveloped - two silos have been converted into offices.
According to ICSC’s 2012 ranking, Neinver is Europe’s second-largest operator of outlet centres, managing 15 centres with a total of 311,600 m2 of GLA under The Style Outlets and Factory brands. The group has operations in Spain, Italy, France, Germany, Portugal and Poland.
