Spanish mall operator Neinver and investment manager TH Real Estate have formed a partnership to manage and develop a portfolio of designer outlet centres across Europe.
Spanish mall operator Neinver and investment manager TH Real Estate have formed a partnership to manage and develop a portfolio of designer outlet centres across Europe.
The 50:50 joint venture has been agreed after Neinver bought out its previous partnership with MAB Development in April, following parent group Rabo Real Estate’s decision to phase out its development activities.
Initially the partnership will invest in Neinver’s existing portfolio and development pipeline across Europe, where it manages 15 centres with a total of 311,600 m2 of GLA under The Style Outlets and Factory brands.
TH Real Estate has already acquired a 50% state in Roppenheim The Style Outlets in France, and terms have been agreed to buy two Polish malls, Factory Outlet Annopol in Warsaw and Factory Outlet and Futura Park in Krakow.
Neinver’s flagship project Viladecans The Style Outlets, in Barcelona, will also be developed under the joint venture.
Daniel Losantos, managing director of Neinver, said: ‘This joint venture will reinforce our specialised asset management and development skills and is a great opportunity to merge global expertise in the outlet sector, with a common approach to value creation.’
