TIAA buys Polish outlet mall for €79.7m via Neinver joint venture

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US financial services group TIAA has acquired Factory Warsaw Ursus Outlet Mall in Poland for €79.7m through a joint venture with Spanish property group Neinver.

TH Real Estate, the property investment manager owned by TIAA, said it had made the acquisition of the 19,593sqm retail property via Neptune, a partnership established in 2014.

The asset was sold by Irus European Retail Property Fund, a vehicle set up in 2007 by Neinver with €480m of equity from European investors.

Last year, the Irus fund sold €1.28bn of assets in Germany, Spain, Italy and Poland to a number of investors. Six of the 10 outlet centres went to the Neptune joint venture.

The partnership’s portfolio now consists of 13 assets, five of which are located in Poland, five in Spain, two in Italy and one in France.

Charlotte Ashworth, fund manager for Neptune at TH Real Estate, said the latest acquisition, made at a 6.33% net initial yield, was the final asset to be acquired from the Irus fund.

“The outlet mall sector is one we strongly believe in given its ability to continuously outperform other retail sectors and deliver year-on-year growth,” she said.

“This asset complements Factory Annopol, which is already held in the JV and is located north of Warsaw. Holding the two together, as well as assets in Krakow and Poznan, creates a real brand synergy across our Polish portfolio that we will seek to build on in the future.”

Carlos González, managing director at Neinver, said: “We are proud to end the year successfully by adding this strategic asset to our JV’s portfolio.

“Neptune’s acquisition of its fifth asset in Poland strengthens its portfolio and reinforces its solid, successful growth.

”From our experience in the Polish market, we are firmly convinced that this centre still has much to offer in terms of profitability and reliable returns.”

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