TH Real Estate acquires 50% of 3 Polish retail centres for Neinver JV

TH Real Estate has acquired a 50% interest in three Polish retail assets from Spanish property company Neinver for a reported €60 mln.

The acquisition is part of a strategic joint venture partnership between Neinver and TH Real Estate's parent company TIAA-CREF to create a European outlet platform, as announced in January. The 50:50 JV was formed after Neinver bought out its previous partnership with MAB. The deal marks TIAA-CREF’s first incursion into the CEE market.

Factory Annopol, located in Warsaw, was developed by Neinver in 2013 and has 19,800 m2 of space with 102 units, in a catchment area of 2.2 million people.

The transaction also includes two adjacent properties in Krakow, the 22,000 m2 Factory Krakow outlet center and the 19,000 m2 Futura Park retail park, both located close to the city’s airport.

Phil McAndrews, senior managing director and CIO of TIAA-CREF Global Real Estate, said: ‘We have a strong interest in European shopping centres, as we believe the continent is under-retailed and the outlet mall sector is performing particularly well.’

Neinver’s managing director Daniel Losantos said: ‘As the largest outlet malls operator in Poland, we are convinced about the excellent prospects for growth in the outlet market in this country. Undoubtedly, this is another step in our existing cooperation with future plans to jointly invest in Europe.’