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TH Real Estate and McArthurGlen expand Serravalle Designer Outlet

Serravalle

TH Real Estate and McArthurGlen have opened a further 40 new stores at Europe’s largest luxury designer outlet, Serravalle Designer Outlet, building on its position as one of Europe’s top fashion destinations.

At €106m, this is the largest investment in the centre since Serravalle opened in 2000 as the first designer outlet in Italy. The existing centre has also been refurbished as part of the investment with no disruption to opening hours.

Since 2004, the centre has been owned by TH Real Estate on behalf of its European Outlet Mall Fund (EOMF). McArthurGlen continues to be the centre’s development, leasing and management agency. This expansion was made possible following the signing of a joint venture between TH Real Estate and Aedes SIIQ.

The European Outlet Mall Fund, with a value of €2.3bn, gives investors access to some of the best designer outlets in Europe managed by outlet specialist McArthurGlen. The portfolio has remained incredibly resilient during periods of weak economic growth and offers potential for strong future return.

Sebastien Gorrec, Fund Manager at TH Real Estate, comments: “The designer outlet sector continues to perform strongly across Europe. It is a sector where TH Real Estate has had great successes over the years, and continues to believe in. On behalf of our investors, we have extensively invested to improve further and extend our flagship Designer Outlet Centre Serravalle, which offers a next level shopping experience by combining leading retail brands in one beautiful location. We are very pleased to see how well our partnership with Aedes and McArthurGlen has come to fruition on this project.”

The expansion will create around 550 new jobs, bringing the total number of people employed to c.2,200 and further jobs created indirectly with the tourism sector setting to benefit in particular. It has added a further 134,548 sq ft (12,500 sq m) of retail space in two phases 37,673 sq ft (3,500 sq m) and 96,875 sq ft (9,000 sq m) bringing the total to 554,340 sq ft (51,500 sq m).

Alberto Carbone, Mayor of Serravalle Scrivia, says: “We are really happy with the results of this important investment which has helped to boost employment and tourism in our local economy.”

Current brands at Europe’s largest luxury designer outlet include the likes of such top international names as Burberry, Bulgari, Dolce & Gabbana, Ermenegildo Zegna, Gucci, Roberto Cavalli, Salvatore Ferragamo and Versace.

 

New brands at Europe’s largest luxury designer outlet include the first Sandro, A.T.P.C.O. and Empresa outlet store in Italy, the first Chicco outlet store in Italy and other childrenwear stores like Brums. New fast fashion and lifestyle brands opening include Antony Morato, Gap, Imperial, Seventy, Pepe Jeans, Kocca and L’Autre Chose. Following the success of Pandora, Morellato will increase the jewellery's offer. New bars and restaurants includes Obicà, Wok, Ham Holy Burger and Bonetti.

  

New customer services and facilities include a new Guest Services for information and assistance, multi-language staff, a Tourism Desk dedicated to the promotion of the surrounding territory, high-speed Wi-Fi throughout the centre, a meeting room, a car valet service and a new guest lounge where customers will be invited to sit back and relax in the comfort of a luxurious private shopping area.

Daniela Bricola, McArthurGlen Centre Manager, Serravalle Designer Outlet, says: “We wanted to enhance the shopping experience with tailor-made customer service and a great focus on the food strategy. With this new investment, we implemented a series of extra services, all located in the same place, dedicated to all our clients.”

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. Past performance is not a guide to future returns. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. COMP201600409

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