VIA Outlets closes with Neinver and duplicates their Iberian portfolio

VIA Outlets closes with Neinver and duplicates their Iberian portfolio

Focused on the European outlet market, the investment society comprising such giants as Meyer Bergman, Hammerson, APG e Value Retail, signed the agreement with Neinver for the purchase of a portfolio containing four outlet centres in Portugal and Spain, and in Germany and Poland. The deal now awaits the final OK from the regulator.

Generating a liquid yield of 5.5%, this deal involves a gross lettable area of 89,200m², distributed among zones in Porto, Seville, Swinbrucken and Warsaw, allowing Neinver, a Spanish specialist in the promotion and management of outlet centres, to accumulate 587 million euros.

By completing one more step in the VIA Outlets’ growth strategy in the European outlet market, this transaction increases to 10 the number of assets which comprise their portfolio in this market segment, with a global value of 1,100 million euros. Four of these are located in the Iberian peninsular, two on each side of the border: the Freeport Fashion Outlet and Vila de Conde The Style Outlets – located near two major Portuguese cities; and, on the Spanish side, the Festival Park Outlets, on the island of Palma Majorca, and The Style Outlets in Seville.

Situated close to the city of Porto, the Vila do Conde The Style Outlets covers a gross lettable area of 28,000 m², with 129 store owners, generating an average sales density of 4.000 €/m². With the presence of prestige brands such as Michael Kors, Carolina Herrera and Ralph Lauren, among others, this asset also includes adjacent land suitable for future expansion.

To the northeast of the ‘capital’ city of Andalusia, the Style Outlets, Seville, has a total gross lettable area of 16,400 m², 65 retail units and a sales density of 3.600 €/m². Mango, Polo Ralph Lauren, Tommy Hilfiger and Adidas are some of the brands present.

At this point in time, the German outlet has attained the greatest sales density: 6.000 €/m². Located near the border with Luxemburg and France, it has a gross letting area of 29,000 m² and 114 stores, including Ralph Lauren, Versace, Tommy Hilfiger e Esprit.

The centre in Warsaw is the only outlet centre in the West of Poland, with a gross lettable area of 15,800 m² and 87 units.  Tommy Hilfiger, Adidas, Guess and Calzedonia are among the tenants in this complex which generates an average sales density of 3.300 €/m².


Portugal to continue in Neinver’s sights

Confirming this operation, via exclusive declarations to Iberian Property, the Head da Neinver Portugal, Lurdes Martins explained,

 “This transaction is subject to the approval of the Portuguese Competition Authority, such that the transfer of the centre will only occur after the said regulatory entity have made their decision. Thus, until the transaction is concluded, Neinver will continue to manage the centre as hitherto, thereby guaranteeing the continuity of the business”.

Additionally, she made the following guarantee, “The Portuguese market, in which the firm has had a presence since 2002, continues to be a strategic market for Neinver, in which new business opportunities will continue to be considered, in accordance with its strategy for growth and expansion”.

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