In this way, Neinver and TIAA are reinforcing their strategic alliance, begin some years ago, to become the platform leader in the outlet sector in Europe.
The six centres which the joint venture will acquire for IRUS European Retail Property Fund, managed by Neinver, represent a GAV (Gross Asset Value) of 700 million euros and comprise the three The Style Outlets of the Madrid Metropolitan area (Las Rozas, San Sebastián de los Reyes and Getafe) in Spain; in Italy (Vicolungo, near Milán, and Castelguelfo, near Bolonia); and Factory Poznan en Poland. With an occupancy rate of 98%, according to the promoters, all these centres should have welcomed in the past year more than 20 million visitors, with total sales of 400 million euros
These assets make up the present portfolio of the joint venture: Roppenheim The Style Outlets in France: Factory Warsaw Annopol, Factory and Futura Park Krakow –all in Poland–; the retail and entertainment centre Nassica in Getafe and Viladecans The Style Outlets, the prime outlet centre in the Barcelona Metropolitan Zone, inaugurated last October.
Once all the purchases have been completed - it is predicted that the transaction will be complete in the first trimester of 2017 - , joint venture will have a GAV of more than 1200 million euros.
For Carlos González, General Director of Neinver, “We are very satisfied with the collaboration and the results of the alliance with TIAA. The incorporation of these six new assets into the portfolio reinforces our promise to create the leading platform of outlet centres in Europe.”
Carl White, Director of TIAA in European Investment in TH Real Estate, commented that “The assets that we are acquiring complete our existing European portfolio, giving us the leading position in Spain and Poland, with also a solid base in the Italian market. We will continue to look at new opportunities in the market to increase and diversify our portfolio.